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NZDUSD Wave Analysis – 06 February, 2019

  • NZDUSD reversed from resistance area
  • Further losses are likely

NZDUSD recently reversed down from the resistance area lying between the pivotal resistance level 0.6940 (which reversed wave (2) in January), upper daily Bollinger Band and the 50% Fibonacci correction of the extended downward impulse (1) from last April.

The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Falling Star.

NZDUSD is expected to fall further and re-test the next support level 0.6800 – intersecting with the former resistance trendline from last year (acting as support after it was broken).

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Source: FxPro


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