NZD/USD Is in a Downward Move, May Reach Level 0.641

NZD/USD Is in a Downward Move, May Reach Level 0.641

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 resumes a downward move after the rejection at level 0.6700. The price has broken level 0.6600 as the selling pressure persists. The price has fallen and reached a low of 0.65571. The downtrend will extend to the low of level 0.64150.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has risen to level 41 of the Relative Strength Index period 14. It indicates that the pair is now in the downtrend zone. The 50-day SMA and 21-day SMA are sloping upward indicating the uptrend.

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the NZD/USD pair is in a downtrend. A retraced candle body tested the 38.2% Fibonacci retracement. The Kiwi will fall and reach a low of 2.618 Fibonacci extension level. That is level 0.64134.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward. It indicates that the uptrend. The pair is above the 20% range of the daily stochastic. It indicates that the market is in a bearish momentum.


General Outlook for NZD/USD
The NZD/USD pair is currently falling. According to the Fibonacci tool, the market will fall to a level 2.618 Fibonacci extension level. That is a low of 0.6134.


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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.