NZD/USD Is in a Downward Move, May Reach Level 0.6343

NZD/USD Is in a Downward Move, May Reach Level 0.6343

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 is on a downward move but faces resistance at level 0.6800. A retraced candle body tested the 61.8% Fibonacci retracement level. It indicates that Kiwi will fall and reach a low of 1.618 Fibonacci extension level. That is level 0.6343.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has fallen to level 55 of the Relative Strength Index period 14. It indicates that the pair is now in the uptrend zone. The 50-day SMA and 21-day SMA are sloping upward indicating the uptrend.


NZD/USD Medium-term Trend: Bullish
On the 4-hour chart, the NZD/USD pair is in a downward move. The pair retested level 0.6680 before commencing a downward move. The price has fallen to level 0.6642. The selling pressure is likely to continue.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward. It indicates that the previous uptrend. The pair is above 80% range of the daily stochastic. It indicates that the market is in a bearish momentum.

General Outlook for NZD/USD
The NZD/USD pair has resumed a downward move. The market has currently fallen to level 0.6642. According to the Fibonacci tool, the market will fall and reach level 1.618 Fibonacci retracement level or the high of 0.6345.


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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.