NZD/USD Reaches Level 0.6910, Resumes Downward After Rejection

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 in an upward move but it is facing resistance at level 0.6900. The pair will fall if the current resistance holds. On November 11, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the Kiwi will rise and reverse at level 1.272 Fibonacci extension.

Daily Chart Indicators Reading:
The Kiwi has risen to level 67 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. Presently, it is facing rejection at level 0.6910. Therefore, the pair may fall as a result of the rejection. On November 11 uptrend; a retraced candle body tested the 78.6% Fibonacci level. The Kiwi will rise and reverse at level 1.272 Fibonacci extensions.

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 below the 80% range of the daily stochastic. It indicates that the market is in a bearish momentum.

General Outlook for NZD/USD
The NZD/USD pair is facing rejection at level 0.6910. It appears the Kiwi is likely to fall. On the other hand, the Fibonacci tool is indicating that the Kiwi will rise and reverse at level 1.272 Fibonacci extensions. That is the high of level 0.6969.


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