NZD/USD Has Fallen to the Oversold Region as Price Pulls Back to Level 0.7169

7 March 2021 | Updated: 7 March 2021

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 was earlier in a downtrend. Today, the price has fallen and broken below the SMAs. The price action is indicating that a candlestick has a long tail. The long tail indicates that there is strong buying pressure at a lower price level. 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.

NZD/USD – Daily Chart

Chart Indicators Reading:
The Kiwi has fallen to level 42 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 February 26 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the pair will fall to level 1.272 Fibonacci extensions. That is a low of level 0.7193.

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 20% range of the daily stochastic. It indicates that the market is a bearish momentum and has fallen to the oversold region of the market.

General Outlook for NZD/USD
The NZD/USD pair has reached bearish exhaustion. The c current trend is likely to be exhausted as the price pulls back. According to the Fibonacci tool, the market will reverse at level 1.272 Fibonacci extension or level 0.7149

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.