The NZDUSD draws negative formation – Analysis - 26-01-2021

The NZDUSD pair could not manage to hold for long time above 0.7200 barrier, to trade negatively and forms double top pattern that its signs appear on the chart, which hints the price return to the correctional bearish track, which will be confirmed by breaking 0.7165 followed by 0.7150 levels.

Therefore, we expect witnessing more decline in the upcoming sessions, and the main targets begin at 0.7100 and extend to 0.7050, noting that breaching 0.7215 will stop the expected decline and leads the price to resume the main bullish trend again.

The expected trading range for today is between 0.7100 support and 0.7215

The expected trend for today: Bearish