NZD/USD May Resume Uptrend, Targets Level 0.6988

Azeez Mustapha
8 November 2020 | Updated: 8 November 2020

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. The upward move is currently facing resistance at the 0.6800 high. On October 27 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. It indicates that the Kiwi will rise and reach level 2.618 Fibonacci extension. In other words, the Kiwi will reach level 0.6993.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has risen to level 64 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 3-hour chart, the NZD/USD pair has resumed an upward move. On November 3 uptrend, a retraced candle body tested the 38.2% Fibonacci level. This indicates that the pair will reach a high of 2.618. That is a high of 0.6988.

NZD/USD – 3 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 was earlier in a bearish momentum and Kiwi is likely to resume upward move.

General Outlook for NZD/USD
The NZD/USD pair has been in an upward move for the past four days. It appears the Kiwi will resume upward move after a minor retracement. According to the Fibonacci tool, the market will reach a high of 2.618 or level 0.6988 high.



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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Azeez Mustapha

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.