EDGE Chart of the Day – NZDUSD (January 4th, 2024)

<div><p><div><h2 itemprop="headline">NZDUSD sitting on key support ahead of the NFP</h2><div><div></div></div></div><br />
<section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p>The Kiwi was one of the pairs that ran higher at the end of 2023 as US Dollar selling flows hit the market as liquidity dried up. As 2024 has kicked off, we have seen a quick reversal lower to support ahead of the Non-Farm Payrolls report due out tomorrow. The risk is that the pair has 1. Created a false upside breakout of a channel during this period. 2. Has slumped back to channel support (ascending). 3. Is at the 23.6% Fibonacci retracement level at .6230. The weekly close following tomorrow’s NFP report will matter. A close below .6200 should allow for a move back to the 200DMA. A close back above the .6300 level would suggest that the bulls have more work to do in the coming weeks.</p>
<p><img fetchpriority="high" decoding="async" class="alignnone size-full wp-image-11046" src="https://www.forexanalytix.com/blog/wp-content/uploads/2024/01/NZDUSD_2024-01-04_10-05-22.png" alt="" width="1486" height="827" srcset="https://www.forexanalytix.com/blog/wp-content/uploads/2024/01/NZDUSD_2024-01-04_10-05-22.png 1486w, https://www.forexanalytix.com/blog/wp-content/uploads/2024/01/NZDUSD_2024-01-04_10-05-22-400×223.png 400w, https://www.forexanalytix.com/blog/wp-content/uploads/2024/01/NZDUSD_2024-01-04_10-05-22-800×445.png 800w, https://www.forexanalytix.com/blog/wp-content/uploads/2024/01/NZDUSD_2024-01-04_10-05-22-768×427.png 768w, https://www.forexanalytix.com/blog/wp-content/uploads/2024/01/NZDUSD_2024-01-04_10-05-22-705×392.png 705w, https://www.forexanalytix.com/blog/wp-content/uploads/2024/01/NZDUSD_2024-01-04_10-05-22-450×250.png 450w" sizes="(max-width: 1486px) 100vw, 1486px" /></p>
<p>Blake Morrow</p>
<p>Our EDGE <a href="https://www.forexanalytix.com/blog/category/technical-analysis/chart-of-the-day/">“Chart of the Day”</a> feature highlights standout technical analysis patterns and price moves. This type of analysis could be helpful if you are interested in our Trader Funding Program where you can also join an elite group of traders at Forex Analytix, <a href="https://traderfundingprogram.com/?ref=blake">click here to learn more</a>. Trade our money, take 75% of the gains and none of the risk.</p>
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</div></section></p></div><section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p>Blake Morrow</p>
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<p>The post <a href="https://www.forexanalytix.com/blog/chart-of-the-day-jan-4th-2024/">EDGE Chart of the Day – NZDUSD (January 4th, 2024)</a> appeared first on <a href="https://www.forexanalytix.com/blog">ForexAnalytix – Blog</a>.</p>