NZD/USD Is Trading in the Overbought Region, Targets Level 0.70679

NZD/USD Is Trading in the Overbought Region, Targets Level 0.70679

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 faces resistance at level 0.6800. The resistance at level 0.6800 has been breached. The Kiwi has continued to rise and it is approaching the high of level 0.7000.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has risen to level 75 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 upward indicating the uptrend.

NZD/USD Medium-term Trend: Bullish
On the 4-hour chart, the NZD/USD pair is in an upward move. The pair has been in an upward move since October 30. In the current uptrend, a retraced candle body tested the 61.8% Fibonacci level. This gives the impression that the market will reach a high of 1.618 Fibonacci extensions. That is the high of level 0.7067.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward. It indicates that the previous uptrend. The pair is above 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 an upward move. The market is trading in the overbought region of the market. According to the Fibonacci tool, the market will fall and reach a level of 1.618 Fibonacci retracement level or the high of 0.70679.


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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.