NZD/USD Breaks Resistance at Level 0.6600; Reaches Overbought Region at Level 0.6627

NZD/USD Breaks Resistance at Level 0.6600; Reaches Overbought Region at Level 0.6627

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.

NZD/USD – Daily Chart

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.

NZD/USD – 4 Hour Chart

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


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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