NZD/USD Retraces After Rejection at Level 0.7100, Upward Move Likely

NZD/USD Retraces After Rejection at Level 0.7100, Upward Move Likely

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 has reached a high of level 0.7100 and it is currently facing rejection. The current selling pressure may extend to the low of level 0.7000 or 0.7010 before the resumption of an upward move.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has fallen to level 70 of the Relative Strength Index period 14. It indicates that the pair is in 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 1-hour chart, the NZD/USD pair has resumed a downward move. On December 4 downtrend; a retraced candle body tested the 78.6% Fibonacci level. The Kiwi will fall and reverse at level 1.272 Fibonacci extensions. That is the pair will reverse at level 0.7006.

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 20% range of the daily stochastic. It indicates that the market is in a bullish momentum.

General Outlook for NZD/USD
The NZD/USD pair is retracing after the rejection at level 0.7100. The upward move is likely to resume after the retracement. Nevertheless, the Fibonacci tool has indicated that the Kiwi will fall and reverse at level 1.272 Fibonacci extensions. That is the low of level 0.7006.


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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.