NZD/USD Is Facing Rejection at Level 0.70330, May Resume Downward

NZD/USD Is Facing Rejection at Level 0.70330, May Resume Downward

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 pair has been in a downward move since February 25. The price is making a series of lower highs and lower lows. Today, the Kiwi has fallen to the low 0.7030. On March 5 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the Kiwi will fall to level 2.618 Fibonacci extension . That is the low of level 0.6759.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi is at level 42 of the Relative Strength Index period 14. It indicates that the pair is in the downtrend zone and capable of falling. The 50-day SMA and 21-day SMA are sloping downward.

NZD/USD Medium-term Trend: Ranging
On the 4-hour chart, the Kiwi fell to level 0.6950 and resumed a range-bound movement. The pair is fluctuating between levels 0.6950 and 0.7030. The downtrend will resume if the current support is breached.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The moving averages are sloping southward indicating the downtrend. The pair is above the 80% range of the daily stochastic. The market is likely to decline as price reaches the overbought region.

General Outlook for NZD/USD
The NZD/USD pair has corrected upward but will soon face rejection as the market reaches the overbought region. The stochastic indicator is in the overbought region of the market while the RSI is in the downtrend zone. The Kiwi is likely to fall.

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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.