NZD/USD Is Range-Bound Below Level 0.7300, Resumes Upward Move

NZD/USD Is Range-Bound Below Level 0.7300, Resumes Upward Move

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
NZD/USD pair has been in a sideways move since January 6. Buyers have not been able to break level 0.7300. The bulls have retested the resistance twice without breaking it. For the past three days, the kiwi is falling after testing the overhead resistance. The Kiwi price has fallen and it is testing the support of the 50-day SMA. NZD/USD pair will resume upward if price finds support above the SMAs. In the first bearish impulse, the market reverses at 1.272 Fibonacci extension.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi is at level 50 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day SMA and 50-day SMA are sloping horizontally.

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the Kiwi is in a downward move after rejection from level 0.7280. On April 29 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the Kiwi will fall to level 1.618 Fibonacci extension. That is the low of level 0.7182. The kiwi has fallen below the 1.618 Fibonacci level and it is testing the previous support level. The market will resume its original trend if the current support holds.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is below the 40% range of the daily stochastic. It indicates that the market is in a bearish momentum. The 21-day and 50-day SMA s are sloping upward indicating the uptrend.

General Outlook for NZD/USD
The NZD/USD pair has been in a sideways move below level 0.7300. The major uptrend has been interrupted since January 6. The bulls are yet to break the overhead resistance which has resulted in a sideways move. The Kiwi has retraced to level 0.71557.

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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.