Technical analysis

NZDUSD Wave Analysis – 24 August, 2020

NZDUSD Wave Analysis – 24 August, 2020

• NZDUSD reversed from support zone

• Likely to rise to 0.6650

NZDUSD recently reversed up from the support area set between the pivotal support level 0.6500 (former support from July), lower daily Bollinger Band and the 61,8% Fibonacci retracement of the upward impulse  from June.

The upward reversal from this support zone continues the active multi-month upward impulse sequence (C) from the middle of May.

NZDUSD is likely to rise further toward the next resistance level 0.6650 (top of the previous Bearish Engulfing from the middle of this month).

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