NZD/USD Is Stuck Between Levels 0.7100 and 0.7300

NZD/USD Is Stuck Between Levels 0.7100 and 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: Bullish
The Kiwi is stuck between levels 0.7100 and 0.7300. There has been no significant price movement. The price is characterized by small body indecisive candlesticks. The price action has remained stagnant.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has risen to level 57 of the Relative Strength Index period 14. It indicates that the pair is in an uptrend zone. The 50-day SMA and 21-day SMA are sloping upwardly indicating the uptrend.

NZD/USD Medium-term Trend: Bullish
On the 1-hour chart, the NZD/USD pair has resumed upward. On February 9 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the pair will rise to level 1.272 Fibonacci extensions. That is a high of level 0.7274.

NZD/USD – 4 Hour Chart

1-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward. The Kiwi is above the 40% range of the daily stochastic. It indicates that the market is a bullish momentum.

General Outlook for NZD/USD
The NZD/USD is still confined in the overbought region. The pair is still fluctuating between level 0.7100 and 0.7300. The Kiwi is trading at level 0.7236 at the time of writing. The pair may rejection at level 0.7300.



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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.