NZD/USD Is an Uptrend but Faces Rejection at Level 0.61500

NZD/USD Is an Uptrend but Faces Rejection at Level 0.61500

Key Resistance Levels: 0.64000, 0.65000, 0.66000
Key Support Levels: 0.58000, 0.57000, 0.56000

NZD /USD Price Long-term Trend: Bullish
NZD /USD pair is in an ascending channel. The New Zealand Dollar has earlier fallen to level 0.56000 and resumed an upward move. The current uptrend is being interrupted at level 0.61500. Since April 14, the Kiwi has been trading below level 0.61500 as buyers fail to push the price above the resistance. On the upside, a break above the resistance will push price above 0.61500. The range-bound movement will continue if the current resistance remains unbroken.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The 50-day SMA and the 21-day SMA are sloping upward indicating the uptrend. The SMAs have a bullish crossover. The Kiwi has risen to level 53 of the Relative Strength Index. This indicates that the pair is in the uptrend and also above the centerline 50.

NZD /USD Medium-term Trend: Bullish
On the 4-hour chart, the pair was earlier in a bear market. A bull candle body is testing the 0.50 Fibonacci retracement level. This candle determines when the pair will reverse. According to the Fibonacci calculation, the 0.50 retracement level indicates that the Kiwi will reverse at 2.0 extension level. In other words, the New Zealand dollar will reverse at level 0.59200 which is the same as the price action. The market has since gone up.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Presently, the 21-day SMA and 50-day SMA are slowing upward indicating the upward. The pair is below 20% range of the daily stochastic. It implies that the market is in the oversold region. This indicates that buyers are likely to emerge.

General Outlook for NZD /USD
The Kiwi is currently in the oversold region. The selling pressure is being exhausted as buyers are being expected to emerge in the oversold region. The price action as indicated a bullish signal.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results



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