NZD/USD Approaches Level 0.6800, a DownwardMove Is Expected

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 pair is in an uptrend as price breaks level 0.6700. The market is expected to reach a high of 0.6800 and reverse. Presently, the market is testing a historical price level at level 0.6766. Thereafter a downward move is expected.

Daily Chart Indicators Reading:
The Kiwi has risen to level 69 of the Relative Strength index period 14. It implies that the pair is in the uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping upward. It indicates the uptrend

NZD/USD Medium-term Trend: Ranging
On the 4-hour chart, the NZD/USD pair is in an upward move. A red candle body retested the 78.6% Fibonacci Retracement level. The pair will reach 1.272 extension level and reverse. The price will return to 78.6% Fibonacci retracement level.

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward. It indicates that the recent upward move. The pair is above 80 % range of the daily stochastic. It indicates that the market is in a bullish momentum. The pair is in the overbought region.

General Outlook for NZD/USD
The NZD/USD pair is in an upward move in the last 48 hours. The Kiwi has broken the previous resistance level. According to the Fibonacci tool, the market will reach a high of 0.6800. Thereafter, price may have a downward move. A downward movement is expected after the uptrend



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