NZD/USD Faces Rejection at Level 0.7300 as Kiwi Finds Support aboveLevel 0.7220

NZD/USD Faces Rejection at Level 0.7300 as Kiwi Finds Support aboveLevel 0.7220

Key Resistance Levels: 0.7000, 0.7200, 0.7400
Key Support Levels: 0.6200, 0.6000, 0.5800

NZD/USD Price Long-term Trend: Ranging
Since April 28, NZD/USD is in a sideways move. On February 28, the bulls were repelled at the 0.7300 resistance as the market declined to level 0.7212. The pair is making another upward move at the recent low. Meanwhile, on May 26 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the pair will rise to level 1.618 Fibonacci extension or level 0.7412. The Kiwi may reach the recent high if the resistance at 0.7300 is breached.

NZD/USD -Daily Chart

Daily Chart Indicators Reading:
The Kiwi is at level 54 of the Relative Strength Index period 14. It indicates that the pair is in the uptrend zone and above the centerline 50. The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways trend.

NZD/USD Medium-term Trend: Ranging
On the 4-hour chart, the Kiwi is also in a sideways trend below level 0.7300. Meanwhile, On May 26 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the market will rise to level 61.8 Fibonacci extension or the high of level 0.7370.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is above the 30% range of the daily stochastic. It indicates that the market is in a bullish momentum. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend. The Kiwi price has a bullish crossover as the 21-day SMA crosses above the 50-day SMA.

General Outlook for NZD/USD
The NZD/USD pair is range-bound below the 0.7300 overhead resistance. The pair will resume upside momentum once the resistance at level 0.7300 is breached. Otherwise, the range-bound movement will linger on.


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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.