NZD/USD Is Likely To Further Decline, Fail To Sustain Above Level 0.7300

NZD/USD Is Likely To Further Decline, Fail To Sustain Above Level 0.7300

Key Resistance Levels: 0.7000, 0.7200, 0.7400
Key Support Levels: 0.6200, 0.6000, 0.5800

NZD/USD Price Long-term Trend: Bearish
NZD/USD pair is making a series of lower highs and lower lows. On March 5 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the Kiwi will fall to level 2.618 Fibonacci extension . That is the low of level 0.6757.

NZD/USD – Daily Chart

Chart Indicators Reading:
The Kiwi has fallen to level 45 of the Relative Strength Index period 14. It indicates that the pair is in the downtrend zone. The 50-day SMA and 21-day SMA are sloping upwardly indicating the previous uptrend.

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, buyers pushed NZD/USD to reach the high of level 0.7450. The Kiwi faces another rejection. On March 5 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the pair will fall to level 2.618 Fibonacci extension. That is a low of level 0.6754.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping horizontally. The Kiwi is below the 20% range of the daily stochastic. The pair has fallen to the oversold region of the market. It indicates that the market is a bearish momentum.

General Outlook for NZD/USD
The NZD/USD pair has fallen into the oversold region of the market. The price indicator has indicated a further decline of the Kiwi. According to the Fibonacci tool, the Kiwi will fall to level 2.618 or level 0.6764.


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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.