NZDUSD Wave Analysis – 31 May, 2022

• NZDUSD reversed from resistance level 0.6535
• Likely to fall to support level 0.6425

NZDUSD recently reversed down from the key resistance level 0.6535 (top former multi-month low from January).

The resistance area near the resistance level 0.6535 was strengthened by the upper daily Bollinger Band and by the 38.2% Fibonacci correction of the previous sharp downward impulse 1 from April.

Given the strong downtrend and strong USD inflows, NZDUSD can be expected to fall further toward the next support level 0.6425.