NZD/USD Reaches Bearish Exhaustion, May Reach the Low of 0.6437

NZD/USD Reaches Bearish Exhaustion, May Reach the Low of 0.6437

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 has been on a downward move. The Kiwi has already fallen to level 0.6511 but the downtrend is likely to continue to level 0.6437. The market is currently falling but has reached bearish exhaustion.

NZD/USD Daily Chart

Daily Chart Indicators Reading:
The Kiwi has risen to level 37 of the Relative Strength index period 14. It implies that the pair is in the downtrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping downward.

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the NZD/USD pair is falling after facing rejection at level 0.6800. A retraced green candle body tested the 78.6% Fibonacci retracement level. It indicates that the market will reach a low of 1.272 Fibonacci retracement level and later reverse.

NZD/USD – 4 Hour Cher

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping downward. It indicates that the recent downtrend. The pair is above the 25% 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 on a downward move. The downtrend has reached bearish exhaustion. According to the Fibonacci tool, the market will fall and reach the low of level 1.272, level 0,6437


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Author : Azeez Mustapha

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