NZD/USD Is in an Uptrend, Approaches the Next Resistance at Level 0.65500

Estimated Reading Time: 2 minutes

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Azeez Mustapha

Updated: 13 October 2022

Key Resistance Levels: 0.64000, 0.65000, 0.66000
Key Support Levels: 0.58000, 0.57000, 0.56000

NZD /USD Long-term Trend: Bullish
The New Zealand Dollar is in an uptrend as it breaks level 0.62000. A correction candle body tested the 0.786 retracement level. This 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. When the market reverses, the price will return to 0.786 retracement level. However, the reversal may not be immediate.

Daily Chart Indicators Reading:
The SMAs are sloping upward indicating the uptrend. The SMAs have a bullish crossover. The Kiwi has risen to level 65 of the Relative Strength Index. This indicates that the pair is in the uptrend and also above the centerline 50. The pair is likely to rise.

NZD /USD Medium-term Trend: Bullish
The Kiwi is in an uptrend. The pair rebounded at the low of level 0.64000. The price has broken the resistance levels and it is approaching the high of level 0.65500. The price action is indicating bearish signal as it approaches the overbought region.

4-hour Chart Indicators Reading
Presently, the 21-day SMA and 50-day SMA are slowing upward. It indicates that the pair is in an uptrend. The pair is above 80% range of the daily stochastic. The market is in a strong bullish momentum. Also, it has reached the overbought region.

General Outlook for NZD /USD
The Kiwi is in an uptrend. The pair is rising and approaching level 0.65500. Nonetheless, the market is approaching the overbought region where the uptrend will be interrupted.

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