12.01.202117:15 Analytische Bewertungen Forex: NZDUSD challenges short-term trend

NZDUSD is pulling back towards 0.7160 challenging the lower channel boundary. Price has made a high at 0.7310 but has turned lower. Short-term trend remains bullish as recent low at 0.70 is still respected.

Exchange Rates 12.01.2021 analysis

Blue lines - bullish channel

Price is making higher highs and higher lows. Trend is bullish. But Dollar bulls are starting to challenge the trend and if price breaks below 0.7150 we could see a move lower towards recent lows at 0.70. At this level we also find the 38% Fibonacci retracement of the entire move higher from 0.6525. If weakness continues, then we should see 0.70.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Viele Grüße,
Analytiker: Alexandros Yfantis
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