NZDUSD Wave Analysis – 02 April, 2019

NZDUSD reversed from resistance area

Further losses are likely

NZDUSD today reversed down from the resistance area lying at the intersection of the resistance level 0.6830 (former support from March) and the former support trendline from January (acting as resistance after it was broken previously).

The downward reversal from this resistance area continues the active short-term impulse wave 3 from the strong resistance level 0.6940.

NZDUSD is expected to fall further and re-test the next support level 0.6700 (strong support from February and January).

Source: FxPro