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.

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.

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

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