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12.01.202117:15 Forex Analysis & Reviews: NZDUSD challenges short-term trend

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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.

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.

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