NZD/USD Is in a Downtrend, Faces Rejection at Level 0.7300

10 January 2021 | Updated: 10 January 2021

Key Resistance Levels: 0.7000, 0.7200, 0.7400
Key Support Levels: 0.6200, 0.6000, 0.5800

NZD/USD Price Long-term Trend: Bearish
The Kiwi has resumed a downward move. The pair is facing rejection at level 0.7300. On December 17 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The NZD/USD pair will rise to level 1.272 Fibonacci extension and reverse. That is, the Kiwi will reverse at level 0.73351.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has fallen to level 64 of the Relative Strength Index period 14. It indicates that the pair is in the uptrend zone. The 50-day SMA and 21-day SMA are sloping upwardly indicating the uptrend.

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the NZD/USD pair is now in a downtrend. On January 7 downtrend; a retraced candle body tested 50% Fibonacci retracement level. The retracement indicates that the pair will rise to level 2.0 Fibonacci extension. That is a low of level 0.7131.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward. It indicates the previous uptrend. The Kiwi is below the 40% 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 now in a downtrend. The uptrend is facing rejection at level 0.7300. According to Fibonacci tool analysis, the pair will fall to level 0.7131.


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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.