NZD/USD Faces Rejection at Level 0.6800, Resumes Downward

NZD/USD Faces Rejection at Level 0.6800, Resumes Downward

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.

NZD/USD – Daily Chart

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.

NZD/USD – 4 hour Chart

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.


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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.