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Key Resistance Levels: 0.6600, 0.6800, 0.7000
Key Support Levels: 0.6200, 0.6000, 0.5800
NZD/USD Price Long-term Trend: Bullish
NZD/USD pair is in an upward move. A correction candle body tested the 0.786 retracement level. This indicates that the market will reach a high of 1.272 extension level. The Kiwi will rise and reverse at the 1.272 extension level. In other words, the market will reach a high of 0.6653. The Kiwi reversal will not be immediate. The price will retrace to 0.786 Fibonacci retracement level.
Daily Chart Indicators Reading:
The Kiwi is at level 66 of the Relative Strength index period 14. It implies that the pair is in the uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping upward. It indicates that the market is rising.
NZD/USD Medium-term Trend: Bullish
On the 4-hour chart, the NZD/USD pair is now in an uptrend. The price has broken the range-bound movement to reach a high of 0.6627. The market is retracing because the price has reached the overbought region.
4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping horizontally. It indicates that the recent sideways move. The pair is above 80 % range of the daily stochastic. It indicates that the market is in the overbought region. Sellers may emerge to push prices down.
General Outlook for NZD/USD
The NZD/USD pair is now in an uptrend. The Kiwi has risen and reached the overbought region. The Fibonacci tool indicates that the market will reach a high of 0.6653
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