NZD/USD Faces Rejection at Level 0.7050, May Resume Selling Pressure

NZD/USD Faces Rejection at Level 0.7050, May Resume Selling Pressure

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 been in a downward move but the Kiwi’s price is making an upward correction. The pair corrected upward to level 0.7050 resistance zone and was resisted. Since April 5, the upward move is facing rejection at the recent high. 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 0.6781.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi is at level 43 of the Relative Strength Index period 14. It indicates that the pair is in the downtrend zone and below the centerline 50. The 50-day SMA and 21-day SMA are sloping downward.

NZD/USD Medium-term Trend: Ranging
On the 4-hour chart, the Kiwi has been in a range-bound move below level 0.7070. The pair is falling after retesting level 0.7060. On April 9 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the Kiwi will fall to level 2.0 Fibonacci extension. That is the low of level 0.6955.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The moving averages are sloping southward indicating the downtrend. The pair is below 60% range of the daily stochastic. The market is now in a bearish momentum.

General Outlook for NZD/USD
The NZD/USD pair is presently battling to break the resistance at level 0.7050. If the bulls are successful above the resistance, the Kiwi will resume an uptrend. However, the selling pressure will continue if Kiwi faces rejection at level 0.7050 resistance zone.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.