NZD/USD Resumes Uptrend After a Minor Retracement to Level 0.7000

NZD/USD Resumes Uptrend After a Minor Retracement to 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 rallied to level 0.7100 but faced rejection at the recent high. The Kiwi retraced and found support above level 0.7000. The support at level 0.7000 is likely to hold because of an indication of a candlestick with a long tail. The long tail is indicating that there is a strong buying pressure at level 0.7000.

NZD/USD -4 Hour Chart

Daily Chart Indicators Reading:
The Kiwi has risen to level 71 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 7 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The Kiwi will rise and reach level 2.0 Fibonacci extensions. That is the high of level 0.71216.

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 40% 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 rally as it reached the high of level 0.7100. The pair has resumed the upward move after a minor retracement. Nevertheless, the Fibonacci tool has that the Kiwi will rise and reach level 2.0 Fibonacci extensions. That is the high of level 0.71216.


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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.