Market Analysis for Jan 8th, 2021

NZDUSD: the pair is just below the target zone projected 4 months back (on September 10th).

On a minor scale, over 0.7137 the pair still retains some upside potential - and 0.7332 remains the ideal Fib target - however, a trader is strongly advised to estimate risk/reward on the long side.

Possible target for a pullback in the circled 2 is 0.6634 - 0.6189 area.

NZD= - Primary Micro - Jan-08 1348 PM (4 hour)
NZD= - Primary Micro - Jan-08 1348 PM (4 hour)
NZD= - Primary D - Jan-08 1349 PM (1 day)
NZD= - Primary D - Jan-08 1349 PM (1 day)
Arkady Yakhnis provides extensive coverage on precious metals, energy, and forex at ElliottWaveTrader.