NZD/USD Faces Rejection at Level 0.6700, Targets the Low of 0.6487


Key Resistance Levels: 0.6600, 0.6800, 0.7000
Key Support Levels: 0.6200, 0.6000, 0.5800

NZD/USD Price Long-term Trend: Bearish
NZD/USD pair is in a downtrend. The Kiwi is still falling and it is approaching the low of level 0.6600. According to the Fibonacci tool, the pair will fall and reach a low of 0.786 Fibonacci retracement level. That is, price will fall and reach a low of level 0.6487. 

NZD/USD – Daily Chart

Daily Chart Indicators Reading:

The Kiwi has fallen to level 56 of the Relative Strength index period 14. It implies that the pair is in the uptrend zone and above the centerline 50. The market is falling as price faces rejection. The 50-day SMA and 21-day SMA are sloping upward. It indicates the previous trend.

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the NZD/USD pair is now in a downward move. Since July 22, the market has been facing rejection at the 0.6700 high. The bulls have retested the resistance on four occasions without breaking it. The market has continued its downward as it reached a low of 0.6625 at the time of writing.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward. It indicates that the recent upward move. The pair is below 50 % range of the daily stochastic. It indicates that the market is in a bearish momentum.

General Outlook for NZD/USD
The NZD/USD pair is now in a downward move. The Fibonacci tool has already indicated that the market will reach a low of 0.786 retracement. In other words, price will fall to a low of 0.6487.

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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.