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

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RESULTS

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.

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.

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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