NZD/USD Faces Rejection at Level 0.6800, Resumes Downward

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 an uptrend but it is facing rejection at the recent high 0.6800. A green retraced candle body tested a 61.8% Fibonacci retracement level. The pair will fall and reach the 1.618 Fibonacci extension level. The Kiwi will reach a low of 0.6490.

Daily Chart Indicators Reading:
The Kiwi has risen to level 60 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 uptrend

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the NZD/USD pair is falling after facing rejection at level 0.6800. The market was previously in a sideways move. The current downtrend will reach a low level of 0.6490.

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 80 % range of the daily stochastic. It indicates that the market is in a bearish momentum. It also reaches the overbought region of the market.

General Outlook for NZD/USD
The NZD/USD is falling now after facing rejection at the recent high.According to the Fibonacci tool, the market will fall and reach the low of level 06490.

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