NZD/USD Is in a Brief Downtrend, May Reverse at Level 0.7149

NZD/USD Is in a Brief Downtrend, May Reverse at Level 0.7149

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 is in an uptrend but it is retracing to the previous high. Today, the Kiwi is falling after retracing from the recent high of 0.7200. The pair may revisit the previous lows of level 0.7100 and 0.7150 before the resumption of an uptrend.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has risen to level 53 of the Relative Strength Index period 14. It indicates that the pair has enough room to rally on the upside. 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 is now in a downtrend. On January 22 downtrend; a retraced candle body tested 78.6% Fibonacci retracement level. The retracement indicates that the pair will fall to level 1.272 Fibonacci extension. That is a low of level 0.7149.

NZD/USD – 1 Hour Chart

1-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping downward. The Kiwi is below the 40% range of the daily stochastic. It indicates that the market is in a bearish momentum. The kiwi is likely to fall as the coin resumes a downward move.

General Outlook for NZD/USD
The NZD/USD pair is in a downward move. The downtrend will be brief as the upward move will resume later. According to Fibonacci tool analysis, the pair will fall to level 1.272 Fibonacci extension or 0.7149 low.


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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.