NZD/USD Resumes Uptrend, May Retest Level 0.6900

NZD/USD Resumes Uptrend, May Retest Level 0.6900

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
 The current uptrend was rejected by level 0.6900. It retraced to level 0.6835 and resumed a fresh uptrend. The Kiwi is likely to retest the 0.6900 resistance. The pair will make a further upward move if the current resistance is breached.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has risen to level 66 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 11 uptrend; a retraced candle body tested the 61.8% Fibonacci level. This indicates that the pair will reach a high of 1.618. That is a high of 0.6961.

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 Kiwi 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 fall.

General Outlook for NZD/USD
The NZD/USD pair has been in an upward move for the past four days. Since November 12, the pair has been on a downward move. Today, there are bullish signals as the market resumes upward. According to the Fibonacci tool analysis, the market will rise to level 0.6961.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.