Technical analysis

NZDUSD Wave Analysis – 26 May, 2020

NZDUSD Wave Analysis – 26 May, 2020

• NZDUSD broke resistance level 0.6145

• Likely to rise to 0.6300

NZDUSD recently broke through the resistance level 0.6145 (which stopped the previous waves A and (b)) intersecting with the lower trendline of the wide down channel from the start of 2019.

The breakout of the resistance level 0.6145 also coincided with the breakout of the 50% Fibonacci correction of the previous downward impulse wave (3) from December.

NZDUSD is likely to rise further in the active impulse wave C toward the next resistance level 0.6300.

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