NZD/USD Continues the Upside Momentum, Targets Level 0.6986

NZD/USD Continues the Upside Momentum, Targets Level 0.6986

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 price has broken the resistance at 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 68 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 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 0.6986.

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 above the 80% range of the daily stochastic. It indicates that the market is in the overbought region. It is 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.



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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.