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November 06, 2020 at 03:46PM
• NZDUSD reversed from resistance area
• Likely to fall to 0.6710
NZDUSD recently reversed down from the resistance area lying between the key resistance level 0.6790 (which stopped the previous impulse waves 3 and 5 in September, as can be seen below) and the upper daily Bollinger Band.
The downward reversal from this resistance area stopped the previous impulse waves 3 and (3).
Given the overbought daily Stochastic – NZDUSD is likely to fall further toward the next support level 0.6710 (former top of the previous impulse wave 1 from the end of October).
From: The FxPro Tech Analysis Team https://fxpro.news/market-snapshots/nzdusd-analysis-06-november-2020-20201106/
Selected by fonecable.com
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