NZD/USD Resumes Uptrend , Targets level 0.7000

NZD/USD Resumes Uptrend , Targets level 0.7000

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. The pair has risen and it is approaching the overbought region of the market 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 extensions.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has risen to level 70 of the Relative Strength Index period 14. It indicates that the pair is approaching the overbought region of the market. The 50-day SMA and 21-day SMA are sloping upwardly indicating the uptrend.

NZD/USD Medium-term Trend: Bullish
On the 4-hour chart, the NZD/USD pair has resumed an upward move. On November 23 uptrend; a retraced candle body tested the 50% Fibonacci level. The Kiwi will rise and reach a level of 2.0 Fibonacci extensions. That is the high of level 0.6982.

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

General Outlook for NZD/USD
The NZD/USD pair has resumed upward move after breaking resistance at level 0.6910. Nevertheless, the Fibonacci tool is indicating that the Kiwi will rise and reverse at level 1.272 Fibonacci extensions. That is the high of level 0.7002.


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Author : Azeez Mustapha

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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.