NZD/USD Is In A Sideways Move Below Level 0.7250 Resistance

NZD/USD Is In A Sideways Move Below Level 0.7250 Resistance

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
NZD/USD pair is in an upward move to retest or break level 0.7250. On March 17, buyers pushed the price to a high of level 0.7250 and were repelled. The Kiwi fell to level 0.6950 and resumed a fresh uptrend. The current uptrend is likely to face rejection at the resistance zone. On the upside, if the bulls break level 0.7250, the currency pair will rise to retest the overhead resistance at level 0.7450.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi is at level 57 of the Relative Strength Index period 14. It indicates that the pair is in the uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping horizontally indicating the sideways move.

NZD/USD Medium-term Trend: Bullish
On the 4-hour chart, the Kiwi is rising and approaching the 0.7220 resistance zone. Since April 19, buyers have been attempting to break above the 0.7220 resistance. On April 19 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the Kiwi will rise to level 1.272 Fibonacci extension. That is the high of level 0.7217.

NZD/USD – 3 Hour Chart

3-hour Chart Indicators Reading
The pair is above the 50% range of the daily stochastic. It indicates that the market is in a bullish momentum. The 21-day and 50-day SMA s are sloping upward indicating the uptrend.

General Outlook for NZD/USD
The NZD/USD pair is range-bound below level 0.7250 resistance. The pair has broken above the moving averages which suggests a further upward movement of price. For the past week, the bulls have been attempting to break the resistance at 0.7220.

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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.