NZD/USD Is in a Sideways Move below Level 0.6600

Azeez Mustapha

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Key Resistance Levels: 0.6600, 0.6800, 0.7000
Key Support Levels: 0.6200, 0.6000, 0.5800

NZD/USD Price Long-term Trend: Ranging
NZD/USD pair was earlier in an upward move. The uptrend has been terminated in June as price reached level 0.6600. After the uptrend was terminated, price fell to 0.6400 to resume a fresh uptrend. The resistance at level 0.6600 was retested in July as price resumed a sideways move in July. Today, the Kiwi is now trading below the $0.6600 resistance zone.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi is at level 60 of the Relative Strength Index period 14. It implies that the pair is in the uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping upward. It indicates that the market is rising.

NZD/USD Medium-term Trend: Ranging
On the 4-hour chart, the NZD/USD pair is range-bound between levels 0.6520 and 0.6600. Since early July, the market has been consolidating within a confined range. The pair has been trapped as neither the bulls nor bears have been able to break the key levels of price range.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping horizontally. It indicates that the recent sideways move. The pair is above 25 % range of the daily stochastic. It indicates that the market is in a bullish momentum.


General Outlook for NZD/USD
The NZD/USD pair is now in a sideways trend. The price movement is not certain as the market fluctuates between confined ranges.
The Kiwi will resume trending when these levels are broken.


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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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.

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