NZD/USD Is in an Uptrend, Faces Rejection at Level 0.65500

NZD/USD Is in an Uptrend, Faces Rejection at Level 0.65500

Key Resistance Levels: 0.66000, 0.68000, 0.70000
Key Support Levels: 0.62000, 0.60000, 0.58000

NZD/USD Price Long-term Trend: Bullish
NZD/USD pair is in an upward move. In June, the market has been fluctuating between levels 0.64000 and 0.65500. A correction candle body tested the 0.786 entrancement level. It indicates that the market will reach a high of 1.272 extension level. The Kiwi will rise and reverse at the 1.272 extension level. In other words, the market will reach a high of level 0.66760. Later, the Kiwi will make a downward move but the reversal will not be immediate.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi is at level 64 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: Bullish
On the 4-hour chart, the NZD/USD pair is in a horizontal channel. The pair has been trading between level 0.64000 and 0.65500. Presently the pair reached the resistance zone and upward move may be interrupted. However, if the resistance is breached the pair will continue with its upward move.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping horizontally.
It indicates that the market is in a sideways trend. The pair is above 80% range of the daily stochastic. The market is said to be in the overbought region. Sellers are likely to emerge to push prices down.

General Outlook for NZD/USD
The NZD/USD pair has reached the overbought region.
The pair may have a downward move if the resistance holds. A break above the resistance will mean a further upward move.


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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