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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
Presently, NZD/USD is an upward move. The Kiwi is rising on the upside. The uptrend is approaching the resistance at 0.7300. Since April 28, the pair has been fluctuating between levels 0.7150 and $0.7300. However, the overhead resistance at level 0.7300 has not been broken since January. If buyers break the overhead resistance the market will rally to 0.7500 high.
Daily Chart Indicators Reading:
The Kiwi is at level 55 of the Relative Strength Index period 14. It indicates that the pair is in the uptrend zone and capable of rising. 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 in a sideways move below the level 0.7300. The pair is rising to retest the resistance level for the third time. Meanwhile, On May 10 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will rise to level 1,272 Fibonacci extension or the high of level 0.7355 and reverse.
4-hour Chart Indicators Reading
The market is above the 80% range of the daily stochastic. The pair has reached the overbought region of the market. The 21-day and 50-day SMA s are sloping horizontally indicating the sideways trend. The selling pressure will resume as the market reaches the overbought.
General Outlook for NZD/USD
The NZD/USD pair is still in a sideways trend. Since May, the pair has been fluctuating between levels 0.7150 and 0.7300. Presently, the uptrend is facing resistance as it approaches the overhead resistance. The range-bound move is likely to continue as price reaches the resistance zone.
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