NZD/USD Resumes Uptrend but Faces Minor Resistance at Level 0.6600

NZD/USD Resumes Uptrend but Faces Minor Resistance at Level 0.6600

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 downward move has been exhausted as the market moves up. The market fell to the low of 0.65116 and resumed upward move. The trend is currently facing minor resistance at level 0.6600.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has risen to level 43 of the Relative Strength Index period 14. It implies that the pair is in the downtrend zone and below the centerline 50. The 50-day SMA and 21-day SMA are sloping upward.


NZD/USD Medium-term Trend: Bullish
On the 4-hour chart, the NZD/USD pair is now in an upward move but it is facing a minor resistance at level 0.6600. A red candle body tested the 38.2% Fibonacci retracement level. The Kiwi will rise and reach level 2.618 Fibonacci extension level. That is a high level 0.67194.

NZD/USD – 4 Hour Chart


4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward. It indicates that the market is rising. The pair is above the 75% range of the daily stochastic. It indicates that the market is in bullish momentum. .

General Outlook for NZD/USD
The NZD/USD is now in an uptrend. The price is rising on the upside. The uptrend will continue despite the resistance. According to the Fibonacci tool, the market will rise and reach level 2.618 Fibonacci retracement level or the high of 0.67194.


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.