NZD/USD Is in a Downtrend, May Likely Reach Level 0.6600

Estimated Reading Time: 2 minutes

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Azeez Mustapha

Updated: 13 October 2022

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

NZD/USD Price Long-term Trend: Bearish
NZD/USD pair is in a downtrend after rejection from level 0.6800. The pair is falling and will likely reach level 0.6600. A downward move to level 0.6400 is likely if the support at level 0.6600 cracks.

Daily Chart Indicators Reading:
The Kiwi has risen to level 49 of the Relative Strength index period 14. It implies that the pair is in the downtrend zone and below the centerline 50. The 50-day SMA and 21-day SMA are sloping upward. It indicates the uptrend

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the NZD/USD pair was in a downward move. On September 3 downtrend, a green candle body tested 61.8 % Fibonacci retracement level. The pair will fall and reach the 1.618 Fibonacci extension level. It means the Kiwi will fall and Reach level 0.6600.

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

General Outlook for NZD/USD
The NZD/USD pair is in a downward move. The Kiwi has been on a downward move since September 2. In the current downward move, the price will reach a low of level 0.6600.

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