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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 downward move. On June 18, the pair fell to the low of level 0.6922 and resumed a sideways move. The currency pair has been fluctuating between 0.6890 and $0.7050 for the past month. The Kiwi is likely to further decline as price corrects up to level 0.7100.
Meanwhile, on June 18 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the market will fall to level 1.618 Fibonacci extension or level 0.6728.
Daily Chart Indicators Reading:
The Kiwi has fallen to level 46 of the Relative Strength Index period 14. The pair is in the downtrend zone and below the centerline 50. The 21-day SMA and 50-day SMA are sloping southward indicating the downtrend.
NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the Kiwi price is in a sideways move. The pair is fluctuating between levels 0.6940 and 0.70000. The current price movement is facing rejection at level 0.7000. The pair has fallen below the moving which indicates further downsides.
4-hour Chart Indicators Reading
NZD/USD is above the 80% range of the daily stochastic. It indicates that the pair has reached the overbought region of the market. Sellers are likely to emerge to push prices down. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.
General Outlook for NZD/USD
The NZD/USD pair is now in a sideways trend. The currency pair is now trading between 0.6890 and $0.7050. The pair is likely to fall to the lower price range as price bars are below the moving averages.
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