NZD/USD Continues to Trend in the Overbought Region, Targets Level 0.7087

NZD/USD Continues to Trend in the Overbought Region, Targets Level 0.7087

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. Since November 2, the pair has continued its rally as it reaches the high of 0.70659. The Kiwi is trending as it reaches the overbought region of the market.

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 December 1 uptrend; a retraced candle body tested the 50% Fibonacci level. The Kiwi will rise and reach level 2.0 Fibonacci extensions. That is the high of level 0.7087.

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 a bullish momentum.

General Outlook for NZD/USD
The NZD/USD pair has continued to rise as the pair reaches the overbought of the market. Nevertheless, the Fibonacci tool has that the Kiwi will rise and reach level 2.0 Fibonacci extensions. That is the high of level 0.70873.


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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.