NZD/USD Continues Its Downward Move, a Drop To Level 0.6762 Likely

28 March 2021 | Updated: 28 March 2021

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 pair has continued to fall on the downside. The pair faces another rejection at level 0.7300 resistance zone. On March 5 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the Kiwi will fall to level 2.618 Fibonacci extension . That is the low of level 0.6762.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has fallen to level 36 of the Relative Strength Index period 14. It indicates that the pair is in the downtrend zone and it is approaching the oversold region. The 50-day SMA and 21-day SMA are sloping downward.

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the market fell to level 0.7100 and resumed consolidation above it. The selling pressure resumed after a retest at level 0.7300. On March 4 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the pair will fall to level 2.618 Fibonacci extension. That is a low of level 0.6762.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping southward indicating the downtrend. The Kiwi is above the 80% range of the daily stochastic. The pair has fallen to the overbought region of the market. It indicates that sellers may emerge in the overbought region.

General Outlook for NZD/USD
The NZD/USD pair is likely to continue the downward move. Presently, the pair is making an upward move to retest the previous highs. If price faces rejection at the recent high, the downtrend will resume. According to the Fibonacci tool, the market will decline to level 0.6762.
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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.