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NZD/USD Forex Technical Analysis

  • Jan 20
    The New Zealand Dollar fell more than 0.7% against the U.S. Dollar to a
    one-week low as the greenback extended last week rebound on Monday.
    Investors are booking profits after a more than two month rally in
    reaction to sharp gains in U.S. Treasury yields and hopes for more
    stimulus to boost the worlds largest economy.To get more news about WikiFX, you can visit wikifx official website.

      At 05:45 GMT, the NZD/USD is trading .7188, down 0.0050 or -0.69%.

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      Last week, the yield on the benchmark 10-year Treasury note and
    30-year Treasury bond rose to their highest levels not seen since March
    2020.

      In addition to the rising yields, Kiwi traders will also be focused on
    the prospect of more fiscal stimulus, as the January 20 inauguration of
    President-elect Joe Biden gets closer. Yields are moving higher as
    investors bet the new Democratic majority in Congress will move quickly
    and that it could consider a package of $1 trillion or more.

      With Democrats now in control of the Senate and House, the incoming
    administration of President-elect Joe Biden is expected to deliver an
    even bigger stimulus package than had been expected with a divided
    Congress. Biden said Friday the total will be in “the trillions of
    dollars.”

      [fx-image src=/2021/01/Daily-NZDUSD-3.jpg data-zoom-target=https://responsive.fxempire.com/cdn/n/n/_fxempire
    /2021/01/Daily-NZDUSD-3.jpg originalWidth=1920 ratio=1.99]Daily NZD/USDDaily Swing Chart Technical Analysis

      The main trend is up according to the daily swing chart. A trade
    through .7153 will change the main trend to down. A move through .7316
    will signal a resumption of the uptrend.

      The minor range is .7153 to .7316. Its 50% level at .7235 is resistance.

      The short-term range is .7003 to .7316. Its 50% level at .7159 is the next potential downside target.

      The main range is .6589 to .7316. If the main trend changes to down
    then its retracement zone at .6952 to .6867 will become the primary
    downside target.

      [fx-article-ad]Daily Swing Chart Technical Forecast

      The direction of the NZD/USD on Monday will be determined by trader
    reaction to the 50% level at .7235. The Forex pair is currently trading
    on the weak side of this level so there is an early downside bias.

      Bearish Scenario

      A sustained move under .7235 will indicate the presence of sellers.
    The first two downside targets are the 50% level at .7159 and the main
    bottom at .7153.

      Taking out .7153 will change the main trend to down. The daily chart
    indicates there is plenty of room to the downside so we could see an
    acceleration to the downside with the next major targets .7003 and
    .6952.