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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 bearish trend. The Kiwi has been range-bound below level 0.7300 since April. On May 27, the pair was repelled at level 0.7311 as Kiwi fell to the low of level 0.7125. The pair made an upward correction to level 0.7242 before resuming the downtrend. Meanwhile, on June 3 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the market will fall to level 2.0 Fibonacci extension or level 0.6938. From the price action, the Kiwi has fallen to the Fibonacci level. An upward move is likely.
Daily Chart Indicators Reading:
The Kiwi has fallen to level 32 of the Relative Strength Index period 14. The pair is approaching the oversold region. In other words, the Kiwi has reached bearish exhaustion. 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 is in a downward move. The bears have broken below the moving averages as selling pressure persists. Meanwhile, on June 3 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the market will fall to level 2.0 Fibonacci extensions or level 0.6938.
4-hour Chart Indicators Reading
The pair is below the 20% range of the daily stochastic. It indicates that the pair has fallen to the oversold region. Buyers are likely to emerge in the oversold region. In the meantime, the 21-day and 50-day SMAs are sloping downtrend.
General Outlook for NZD/USD
The NZD/USD pair is in a downward move. The current downtrend is reaching bearish exhaustion. The Fibonacci tool has indicated exhaustion of the bearish trend.
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