NZD/USD Continues Downward Move, May Reverse at Level 0.7058
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NZD/USD Continues Downward Move, May Reverse at Level 0.7058

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Azeez Mustapha

Updated:

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
The Kiwi has resumed a downward move after rejection from level 0.7300. The pair has fallen and reached the low of level 0.7116. The price has broken below 21-day SMA and a break below 50-day SMA will accelerate price movement. The pair is reaching bearish exhaustion.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has fallen to level 48 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 50-day SMA and 21-day SMA are sloping upwardly indicating the uptrend.

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the NZD/USD pair is now in a downtrend. On January 18 downtrend; a retraced candle body tested 78.6% Fibonacci retracement level. The retracement indicates that the pair will fall to level 1.272 Fibonacci extension. That is a low of level 0.7058.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping downward. The Kiwi is above the 25% range of the daily stochastic. It indicates that the market has fallen into the oversold region. The kiwi is in a bullish momentum.

General Outlook for NZD/USD
The NZD/USD pair is in a downward move. The price has broken below the SMAs which signal a downward movement of the pair. According to Fibonacci tool analysis, the pair will fall to level 1.272 Fibonacci extension or 0.7058 low.


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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