NZD/USD in a Sideways Trend, May Resume Selling Pressure

NZD/USD in a Sideways Trend, May Resume Selling Pressure

Key Resistance Levels: 0.7000, 0.7200, 0.7400
Key Support Levels: 0.6200, 0.6000, 0.5800

NZD/USD Price Long-term Trend: Bearish
NZD/USD is in a downward move. On June 18, the pair fell to the low of level 0.6922 and resumed a sideways move. The currency pair has been fluctuating between 0.6890 and $0.7050 for the past month. The Kiwi is likely to further decline as price corrects up to level 0.7100.
Meanwhile, on June 18 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the market will fall to level 1.618 Fibonacci extension or level 0.6728.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has fallen to level 46 of the Relative Strength Index period 14. The pair is in the downtrend zone and below the centerline 50. The 21-day SMA and 50-day SMA are sloping southward indicating the downtrend.

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the Kiwi price is in a sideways move. The pair is fluctuating between levels 0.6940 and 0.70000. The current price movement is facing rejection at level 0.7000. The pair has fallen below the moving which indicates further downsides.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
NZD/USD is above the 80% range of the daily stochastic. It indicates that the pair has reached the overbought region of the market. Sellers are likely to emerge to push prices down. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.

General Outlook for NZD/USD
The NZD/USD pair is now in a sideways trend. The currency pair is now trading between 0.6890 and $0.7050. The pair is likely to fall to the lower price range as price bars are below the moving averages.


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NZD/USD Resumes Selling Pressure, Attempts to Break Level 0.6922

NZD/USD Resumes Selling Pressure, Attempts to Break Level 0.6922

Key Resistance Levels: 0.7000, 0.7200, 0.7400
Key Support Levels: 0.6200, 0.6000, 0.5800

NZD/USD Price Long-term Trend: Bearish
NZD/USD is in a downward move. The downtrend resumed after the rejection at level 0.7300. Following the breakdown on June 18, the bears are yet to break level 0.6922 of June 18. Instead, the price has been fluctuating above the previous low. A break below the previous low will increase the chances of further decline. Meanwhile, on June 18 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the market will fall to level 1.618 Fibonacci extension or level 0.6922.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has fallen to level 42 of the Relative Strength Index period 14. The pair is in the downtrend zone and below the centerline 50. The 21-day SMA and 50-day SMA are sloping southward indicating the downtrend.

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the Kiwi price broke below the moving averages to resume a downward move. Meanwhile, on July 9 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the market will fall to level 2.618 Fibonacci extensions or level 0.6732. From the price action, the Kiwi has fallen to level 0.6949.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
NZD/USD is below the 40% range of the daily stochastic. It indicates that the pair is in a bearish momentum. The currency pair has fallen to the oversold region of the market. The 21-day and 50-day SMAs are sloping downward.

General Outlook for NZD/USD
The NZD/USD pair is in a downward move. The pair will have an accelerated movement as it breaks below the moving averages. According to the Fibonacci tool, the currency pair will fall either to level 0.6922 or 0.6731.


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Kiwi Dollar Pushes Up as the Reserve Bank of New Zealand Cuts Short Stimulus Supply

Kiwi Dollar Pushes Up as the Reserve Bank of New Zealand Cuts Short Stimulus Supply

There was a report by the Reserve Bank of New Zealand that stated that it has effectively reduced its 100 billion New Zealand Dollar Covid-19 stimulus bond purchase program with immediate effect. This report made the New Zealand Dollar, (affectionately known as the Kiwi Dollar), increase in value. It is believed that this will eventually lead to an increase in interest rates soon.

Reserve Bank of New Zealand Stimulus Project for the COVID-19 Pandemic

The Reserve Bank of New Zealand has put appropriate measures in place when the Covid-19 was beginning to ravage the country. By March 2020, the measures that had been put in place included a NZD $100 billion worth of stimulus package. Large sums of money were pumped into the economy and the interest rates were drastically reduced.

A bond purchase program was also set up whose goal was to buy up New Zealand Government Bonds with the NZD $100 billion by June 2020. As a result, there was a success in curtailing the Covid-19 pandemic earlier than anticipated. The economy has also been helped by the housing boom and much spending on retail goods by citizens. This has enabled New Zealand’s economy to be revived faster than many countries.

In May 2021, the RBNZ held a meeting in which possibilities were suggested of an increase in interest rate by next year September. Adrian Orr, the governor of the RBNZ, however, says employment and inflation goals come first before tightening policies.

Reserve Bank of New Zealand Effect of the Report on the New Zealand Dollar

The RBNZ, whose official cash rate is still at 0.25%, is therefore taking into consideration the clamor of local banks for an earlier than expected rise of the interest rate.

The report caused an increase in the price of the New Zealand Dollar. It moved up by 1.1% to reach $0.7017.

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NZD/USD Faces Further Rejection at Level 0.7050, Downtrend Is Likely

NZD/USD Faces Further Rejection at Level 0.7050, Downtrend Is Likely

Key Resistance Levels: 0.7000, 0.7200, 0.7400
Key Support Levels: 0.6200, 0.6000, 0.5800

NZD/USD Price Long-term Trend: Bearish
NZD/USD is in a downward move. The currency pair plunged to $0.6923 low after rejection from level 0.7300 overhead resistance. The pair was repelled thrice before the downward move At the downward correction, the price corrected upward but faced rejection at level 0.7050 Meanwhile, on June 21 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the market will fall to level 1.618 Fibonacci extension or level 0.67325.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has fallen to level 43 of the Relative Strength Index period 14. The pair is in the downtrend zone and below the centerline 50. The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways trend.

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the Kiwi price is in a downward move. The pair were repelled twice at level 0.7100. Meanwhile, on July 9 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the market will fall to level 2.618 Fibonacci extensions or level 0.6807.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
NZD/USD is above the 40% range of the daily stochastic. It indicates that the pair is in a bullish momentum but has reached the overbought region of the market. The market upward move is likely to subside. The 21-day and 50-day SMAs are sloping downward.

General Outlook for NZD/USD
The NZD/USD pair is likely to decline as it faces rejection at the recent high. Besides, the pair is in the overbought region of the market. This will cause the currency pair to fall on the downside. According to the Fibonacci tool, the currency pair will fall either to level 0.6807 or 0.6731.

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NZD/USD May Resume Selling Pressure, Faces Rejection at Level 0.7037

NZD/USD May Resume Selling Pressure, Faces Rejection at Level 0.7037

Key Resistance Levels: 0.7000, 0.7200, 0.7400
Key Support Levels: 0.6200, 0.6000, 0.5800

NZD/USD Price Long-term Trend: Bearish
NZD/USD is in a downward move. The currency pair has been facing rejection from the 0.73 overhead resistances. For instance, on May 28, NZD/USD pair was rejected as the downtrend resumed. After the rejection, the market declines to level 0.6922 and corrected upward.
Meanwhile, on June 18 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the market will fall to level 1.618 Fibonacci extension or level 0.6731.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has fallen to level 43 of the Relative Strength Index period 14. The pair is in the downtrend zone and below the centerline 50. The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways trend.

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the Kiwi price has been making a series of lower highs and lower lows. On July 2, the bears failed to break the previous low at level 0.6924 as the market corrected upward. Meanwhile, on July 2 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the market will fall to level 2.0 Fibonacci extensions or level 0.6807.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
NZD/USD is above the 80% range of the daily stochastic. It indicates that the pair is in a bullish momentum but has reached the overbought region of the market. The market upward move is likely to subside. Sellers are likely to emerge in the overbought region to push prices down.The 21-day and 50-day SMAs are sloping downward.

General Outlook for NZD/USD
The NZD/USD pair is likely to decline as it faces rejection at the recent high. Besides, the pair is in the overbought region of the market. This will cause the currency pair to fall on the downside. According to the Fibonacci tool, the currency pair will fall either to level 0.6807 or 0.6731.

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NZD/USD Unable to Break Level 0.7100, Selling Pressure Likely

NZD/USD Unable to Break Level 0.7100, Selling Pressure Likely

Key Resistance Levels: 0.7000, 0.7200, 0.7400
Key Support Levels: 0.6200, 0.6000, 0.5800

NZD/USD Price Long-term Trend: Bearish
NZD/USD is in a downward move. The pair is making upward correction. The correction is facing resistance at the recent high. Meanwhile, on June 18 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the market will fall to level 1.618 Fibonacci extension or level 0.6731.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has risen to level 45 of the Relative Strength Index period 14. The pair is in the downtrend zone and below the centerline 50. The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways trend.

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the Kiwi corrected upward but it is facing rejection. If it falls below the moving averages, the selling pressure will be accelerated. Meanwhile, on June 18 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the market will fall to level 2.0 Fibonacci extensions or level 0.6607.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
NZD/USD is below the 80% range of the daily stochastic. It indicates that the pair is a bearish momentum. The currency pair is likely to decline. In the meantime, the 21-day and 50-day SMAs are sloping downward.

General Outlook for NZD/USD
The NZD/USD pair is correcting upward. The Kiwi will resume selling pressure if it faces rejection at the recent high. According to the Fibonacci tool, the pair is likely to fall on the downside. The decline is likely to level 0.6600 or 0.6700.



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NZD/USD Falls into Oversold Region, Uptrend Is Likely

NZD/USD Falls into Oversold Region, Uptrend Is Likely

Key Resistance Levels: 0.7000, 0.7200, 0.7400
Key Support Levels: 0.6200, 0.6000, 0.5800

NZD/USD Price Long-term Trend: Bearish
NZD/USD is in a bearish trend. The Kiwi has been range-bound below level 0.7300 since April. On May 27, the pair was repelled at level 0.7311 as Kiwi fell to the low of level 0.7125. The pair made an upward correction to level 0.7242 before resuming the downtrend. Meanwhile, on June 3 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the market will fall to level 2.0 Fibonacci extension or level 0.6938. From the price action, the Kiwi has fallen to the Fibonacci level. An upward move is likely.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has fallen to level 32 of the Relative Strength Index period 14. The pair is approaching the oversold region. In other words, the Kiwi has reached bearish exhaustion. The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways trend.

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the Kiwi is in a downward move. The bears have broken below the moving averages as selling pressure persists. Meanwhile, on June 3 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the market will fall to level 2.0 Fibonacci extensions or level 0.6938.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is below the 20% range of the daily stochastic. It indicates that the pair has fallen to the oversold region. Buyers are likely to emerge in the oversold region. In the meantime, the 21-day and 50-day SMAs are sloping downtrend.

General Outlook for NZD/USD
The NZD/USD pair is in a downward move. The current downtrend is reaching bearish exhaustion. The Fibonacci tool has indicated exhaustion of the bearish trend.


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NZD/USD Rebounds above Level 0.7120, Pushes on the Upside

NZD/USD Rebounds above Level 0.7120, Pushes on the Upside

Key Resistance Levels: 0.7000, 0.7200, 0.7400
Key Support Levels: 0.6200, 0.6000, 0.5800

NZD/USD Price Long-term Trend: Ranging
NZD/USD is in a sideways move below level 0.7300 Since April. The Kiwi is rising after falling to the low of level 0.7115. The currency pair has an uphill task to break above the moving averages to resume up trending. The currency pair has been fluctuating between levels 0.7150 and 0.7300 for the past three months.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has fallen to level 44 of the Relative Strength Index period 14. It indicates that the pair has fallen to the bearish trend zone and capable of falling on the downside. The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways trend.

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the Kiwi is in a downward move below level 0.7300. Meanwhile, on May 28 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the market will fall to level 1.618 Fibonacci extension or level 0.7152. The currency pair has retested the Fibonacci extension twice and resumed upward.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is above the 25% range of the daily stochastic. It indicates that the market is in a bullish momentum. The pair has earlier fallen to the oversold region. Buyers are emerging to push prices down. In the meantime, the 21-day and 50-day SMAs are sloping downward.

General Outlook for NZD/USD
The NZD/USD pair has resumed upward. The pair has risen to level 0.7147. Buyers have emerged at the oversold region. The market is poised to rise.

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NZD/USD Reaches the Overbought Region, Selling Pressure Likely

NZD/USD Reaches the Overbought Region, Selling Pressure Likely

Key Resistance Levels: 0.7000, 0.7200, 0.7400
Key Support Levels: 0.6200, 0.6000, 0.5800

NZD/USD Price Long-term Trend: Ranging
NZD/USD is in a sideways move below level 0.7300 Since April. The currency pair has been fluctuating between levels 0.7150 and 0.7300. Today, the currency has risen and it is breaking above the moving averages. This will propel price to rise and break the resistance levels.

Daily Chart Indicators Reading:
The Kiwi is at level 51 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways trend.

NZD/USD – Daily Chart

NZD/USD Medium-term Trend: Ranging
On the 4-hour chart, the Kiwi is also in a sideways trend below level 0.7300. Meanwhile, on June 7 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.272 Fibonacci extension or the high of level 0.7267 and reverse.

NZD/USD -4 Hour Chart

4-hour Chart Indicators Reading
The pair is above the 80% range of the daily stochastic. It indicates that the market is in a bullish momentum and has reached the overbought region of the market. Sellers may emerge to push prices down. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.

General Outlook for NZD/USD
The NZD/USD pair is range-bound below the 0.7300 overhead resistances. The currency pair is fluctuating between levels 0.7150 and 0.7300. Prices may fall as the currency pair reaches the oversold region


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GBP/USD Resumes an Uptrend, Targets Level 1.4436

GBP/USD Resumes an Uptrend, Targets Level 1.4436

Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000

GBP/USD Price Long-term Trend: Bullish
GBP/USD pair is in an uptrend. The current uptrend has broken the resistance at level 1.4241. The Pound will reach level 1.4400 if the bullish momentum is sustained. Meanwhile, in the uptrend of May 10, a retraced candle body tested the 61.8%% Fibonacci retracement level. The retracement indicates that the pair is likely to rise to level 1.618 Fibonacci extension or level 1.4340.

GBP/USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day and 50-SMAs are sloping upward indicating the uptrend. The pair has a bullish crossover as the 21-day SMA crosses above the 50-day SMA. The Pound is at level 62 of the Relative Strength period 14. It indicates that the pair is in the uptrend zone.

GBP/USD Medium-term Trend: Ranging
On the 4-hour chart, the pair has resumed an uptrend. The currency pair has broken the previous resistance level. The price is above the 21-day and the 50 SMAs which suggest that the market will rise. On May 27 uptrend; a retraced candle body tested the 38.2 % Fibonacci retracement. The retracement indicates that the Pound will rise to level 2.618 Fibonacci extension or level 1.4432.

GBP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
GBP/USD is above the 80% range of the daily stochastic. It indicates that the Pound is in a bullish momentum and also reached the overbought region of the market. The 21-day and 50-day SMAs are sloping upward indicating the upward move.

General Outlook for GBP/USD
GBP/USD pair has resumed uptrend if the bullish momentum is sustained. If price breaks the resistance the sideways move will end. According to the Fibonacci tool analysis, the pair will rise to level 1.4432.


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