NZD/USD Resumes Downtrend, May Terminate Selling Pressure at Level 0.6593

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. The market is currently falling but has reached bearish exhaustion. The selling pressure will terminate at level 0.6593.

Daily Chart Indicators Reading:
The Kiwi has risen to level 48 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. A green Candle body tested 78.6% Fibonacci retracement level. The pair will fall and reach level 1.272 Fibonacci retracement level and reverse. That is level 0.6593.

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. It also reaches the oversold 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 1.272, or the low of 0.6593. The Kiwi is expected to reverse at the 1.272 extension.

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