FX.co ★ Analysis on NZDUSD for March 30, 2021

NZDUSD has provided us a bearish signal a few days back when price broke below 0.7150-0.7120 and exited the bullish channel. Price is forming lower lows and lower highs and is approaching our first target of 0.69.

NZDUSD is turning around. Trend has changed and we are at the beginning of a pull back correction of the entire upward move from March 2020. Price is heading towards the 38% Fibonacci retracement although we do not expect to do it with a straight line.

NZDUSD is showing a similar downward pattern over the last few sessions. Price is moving downwards, then moves sideways as consolidation and then breaks down again. Price is making lower lows and lower highs. We expect this pattern to continue and we expect another downward breakdown soon. Trend is bearish in the short-term and 0.69 remains our first target.