NZD/USD Is in an Uptrend, Battles Resistance at Level 0.62000

NZD/USD Is in an Uptrend, Battles Resistance at Level 0.62000

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 Kiwi is in an ascending channel. Recently, the market reached a high of 0.62284 and pulled back. The upward move has been interrupted at the resistance of 0.62000. The market is fluctuating below the resistance as bulls failed to break the resistance.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The 50-day SMA and the 21-day SMA are sloping upward indicating the uptrend. The SMAs have a bullish crossover. The Kiwi has risen to level 62 of the Relative Strength Index. This indicates that the pair is in the uptrend and also above the centerline 50.

NZD /USD Medium-term Trend: Bullish
On the 4-hour chart, the pair is in a bull market. A correction candle body tested the 0.236 Fibonacci retracement level. This indicates that if the uptrend resumes, the market will reach level 4.236 Fibonacci extension level. According to the Fibonacci tool, the market will first rise to the 1.272 extension level. Subsequently, price will move to the next extension until it reaches the high of 4.236 extension level.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Presently, the 21-day SMA and 50-day SMA are slowing upward indicating the upward. The pair is below 80% range of the daily stochastic. It indicates a bearish momentum. This is contrary to the price action that is in a bullish momentum.


General Outlook for NZD /USD
The Kiwi is in an uptrend. The market has reached level 2.0 of the Fibonacci extension level but pulled back to level 1.272. The New Zealand dollar is likely to resume the uptrend. On the upside, if the bulls break the resistance at level 0.62000, the market will rally above 0.62500.


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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