NZDUSD Technical Analysis 12 January, 2021

• NZDUSD reversed from support level 0.6730
• Likely to rise to resistance 0.6845

NZDUSD currency pair recently revered up sharply from the long-term support level 0.6730 (previous monthly low from the middle of December, as can be seen from the daily NZDUSD chart below) – standing near lower daily Bollinger. The upward reversal from the support level 0.6730 started the active minor corrective wave (ii).

Given the strength of the support level 0.6730 the rising bearish USD sentiment that can be seen across the FX markets today NZDUSD can be expected to rise further toward the next resistance 0.6845 (top of wave 2 and the target for the completion of wave (ii)).

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