NZD/USD Reaches the Oversold Region, May Resume Buying at Level 0.6588

NZD/USD Reaches the Oversold Region, May Resume Buying at Level 0.6588

Key Resistance Levels: 0.6600, 0.6800, 0.7000
Key Support Levels: 0.6200, 0.6000, 0.5800

NZD/USD Price Long-term Trend: Bullish
NZD/USD has been in a downward move since October 28. The pair has fallen to level 0.66105 and it is approaching bearish exhaustion. The market is experiencing buying pressure at level 0.6600 support zone.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has fallen to level 46 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 horizontally indicating the sideways move.

NZD/USD Medium-term Trend: Bullish
On the 4-hour chart, the NZD/USD pair is in a downward move. The pair has reached bearish exhaustion as the pair attempt to push the price upward. A retraced candle body tested the 88.6% Fibonacci level. This indicates that the pair will reach a low of 1.1129 and may reverse. That is the low of 0.6588.

NZD/USD -4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward. It indicates that the pair is in an uptrend. The pair is below the 20% range of the daily stochastic. It indicates that the market is in a bullish momentum and Kiwi is now trading in the oversold region.

General Outlook for NZD/USD
The NZD/USD pair is now trading in the oversold region of the market. According to the Fibonacci tool, the market will reach a low of 1.1129 or a low of 0.6588

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

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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.