NZD/USD Approaches the Overbought Region, May Terminate at Level 0.6700

NZD/USD Approaches the Overbought Region, May Terminate at Level 0.6700

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 is now making an upward move. For the past week, the pair has been in a downward move as it reaches a low of 0.6600. Yesterday, the market resumes an upward move and may terminate at level 0.6700 which has been the overbought region of the market.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has risen to level 54 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 1-hour chart, the NZD/USD pair has resumed an upward move. On November 3uptrend, a retraced candle body tested the 78.6% Fibonacci level. This indicates that the pair will reach a high of 1.272 and may reverse. That is a high of 0.6700. The reversal will not be immediate.

NZD/USD – 1 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 above the 80% range of the daily stochastic. It indicates that the market is in a bullish momentum and Kiwi is now trading in the overbought region.

General Outlook for NZD/USD
The NZD/USD pair is now trading in the overbought region of the market. According to the Fibonacci tool, the market will reach a high of 1.272 or level 0.6700 high.



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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.