NZD/USD May Resume Downward Move If Price Breaks Level 6000

Key Resistance Levels: 0.6600, 0.6800, 0.7000
Key Support Levels: 0.6200, 0.6000, 0.5800

NZD/USD Price Long-term Trend: Ranging
NZD/USD pair is in a sideways move. The price is retesting level 0.6700 before falling to resume the sideways move. In the meantime, the market is falling and has broken level 0.6600. The downtrend is likely to continue if price breaks the current support.

Daily Chart Indicators Reading:
The Kiwi has fallen to level 51 of the Relative Strength index period 14. It implies that the pair is in the uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping upward. It indicates the previous trend.

NZD/USD Medium-term Trend: Ranging
On the 4-hour chart, the NZD/USD pair is now in a sideways move. The market is fluctuating between levels of 0.6600 and 0.67000. The bears have broken the 0.6600 support. The downtrend is likely to continue if price breaks the current support.

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward. It indicates that the recent upward move. The pair is below 20 % range of the daily stochastic. It indicates that the market is in a bearish momentum. The price is also in the oversold region

General Outlook for NZD/USD
The NZD/USD pair may resume a downward move if price breaks the current support level. The current support is likely to hold as price has never gone beyond the current support.


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