NZD/USD Finds Support Above Level 0.7100 and Rebounds, Uptrend Likely

NZD/USD Finds Support Above Level 0.7100 and Rebounds, Uptrend Likely

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 is intact as the pair rebounds above level 0.7100. Since January 27, the price has been falling after rejection from level 0.7250. The downtrend is likely to end if level 0.7150 support holds. The long candlestick tail indicates that there strong buying pressure above level 0.7100.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
Kiwi has risen to level 53 of the Relative Strength Index period 14. It indicates that the pair has enough room to rally on the upside. The 50-day SMA and 21-day SMA are sloping upwardly indicating the uptrend.

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the NZD/USD pair is in an uptrend. On January 28 uptrend; a retraced candle body tested 61.8% Fibonacci retracement level. The retracement indicates that the pair will rise to level 1.618 Fibonacci extension. That is a high of level 0.7248.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping horizontally. The Kiwi is above the 60% range of the daily stochastic. It indicates that the market is in a bullish momentum. The kiwi is likely to rise as the coin resumes an upward move.

General Outlook for NZD/USD
The NZD/USD pair has fallen and resumed upward from the low of 0.7100. According to the Fibonacci tool, the current uptrend will reach a high of level 0.7248.



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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.