NZD/USD Faces Rejection at Level 0.7200, May Further Decline To Level 0.7151

NZD/USD Faces Rejection at Level 0.7200, May Further Decline To Level 0.7151

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
The Kiwi has been in a downward move. After the breakdown on February 26, the pair has corrected twice and has also fallen twice. On February 26 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the Kiwi will fall to level 1.272 Fibonacci extension and reverse. That is the low of level 0.7151.

NZD/USD – Daily Chart

Chart Indicators Reading:
The Kiwi has fallen to level 45 of the Relative Strength Index period 14. It indicates that the pair is in the downtrend zone. The 50-day SMA and 21-day SMA are sloping upwardly indicating the previous uptrend.

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the NZD/USD pair is in a downtrend. On March 11 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 extensions. That is a low of level 0.7095.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping downward. The Kiwi is below the 40% range of the daily stochastic. It indicates that the market is a bearish momentum and has fallen and approached the oversold region of the market.

General Outlook for NZD/USD
The NZD/USD pair has reached bearish exhaustion. The selling pressure is likely to reach the low of level 0.7095 or 0.7151. According to the Fibonacci tool, the market will reverse at level 1.272 Fibonacci extension or level 0.7151.

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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.