NZD/USD Is in a Range Bound Move between Levels 0.7150 and 0.7300

24 May 2021 | Updated: 24 May 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: Ranging
The Kiwi upward move is facing resistance at level 0.7300. Since April 29, the currency pair has been fluctuating between 0.7140 and 0.7300. The uptrend will resume if price breaks above level 0.7300. The Kiwi will resume an upward move if price breaks above the 21-day SMA.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi is at level 48 of the Relative Strength Index period 14. It indicates that the pair is in the downtrend zone and below the centerline 50. The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways trend.

NZD/USD Medium-term Trend: Ranging
On the 4-hour chart, the Kiwi is rising after falling to the low of 0.7160. The upward move has been facing resistance at level 0.7260. Meanwhile, On May 14 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the market will rise to level 2.0 Fibonacci extension or the high of level 0.7383.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The market has fallen below the 20% range of the daily stochastic. The pair is now in the oversold region of the market. The stochastic bands are pointing upward indicating bullish signal. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend. The Kiwi price is below the moving averages which indicates a possible fall.

General Outlook for NZD/USD
The NZD/USD pair is still fluctuating in a range. The pair is rising but faces resistance at the 0.7300 high. According to the Fibonacci tool, the pair will rise to level 0.7383. The uptrend will resume if the bullish momentum is sustained.


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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.