NZDUSD Technical Analysis Report 21 January, 2021

• NZDUSD under bullish pressure
• Likely to rise to resistance level 0.7300

NZDUSD under bullish pressure after this currency pair reversed up with the daily candlesticks pattern Morning Star from the support area lying between the key support level 0.7100, lower daily Bollinger Band and the 61.8% Fibonacci retracement of the upward impulse from the middle of December. The upward reversal from this support area continues the active minor corrective wave B.

Given the strong multi-month uptrend and the strongly bearish sentiment affecting the US dollar on the FX markets today – NZDUSD can be expected to rise further toward the next resistance level 0.7300 (top of the previous intermediate impulse wave (1)).

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