NZD/USD Fluctuates Between Levels 0.7100 and 0.7300, May Retest Level 0.7300

NZD/USD Fluctuates Between Levels 0.7100 and 0.7300, May Retest Level 0.7300

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

NZD/USD Price Long-term Trend: Bullish
The Kiwi is fluctuating between levels 0.7100 and 0.7300. Following its rejection at level 0.7300, the pair has been fluctuating since January 6. The Kiwi will resume an uptrend if level 0.7300 is breached. Meanwhile, the market is consolidating above level 0.7100.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has risen to level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. 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 has fallen and reached bearish exhaustion. On February downtrend; a retraced candle body tested 78.6% Fibonacci retracement level. The retracement indicates that the pair will rise to level1.272 Fibonacci extensions. That is a high of level 0.7144.

NZD/USD – 1 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward. The Kiwi is above the 20% range of the daily stochastic. It indicates that the market is a bullish momentum.

General Outlook for NZD/USD
The NZD/USD has fallen above level 0.7100. The pair is fluctuating between levels 0.7100 and 0.7300. The price action is characterized by indecisive candlesticks called Doji and Spinning tops.

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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.