NZD/USD Continues Its Upward Move, May Reverse at Level 0.7140

NZD/USD Continues Its Upward Move, May Reverse at Level 0.7140

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 has continued its upward move. The uptrend is facing resistance at level 0.7100. A retraced candle body tested the 88.6% Fibonacci retracement level. The resistance indicates that the Kiwi will rise and reach level 1.1129 Fibonacci extension. The Kiwi is currently retracing from the recent high.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has risen to level 69 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 10 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The Kiwi will rise and reach level 1.272 Fibonacci extensions. That is the pair will reach a high of 0.7140 and then reverse.

NZD/USD – 2 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 below the 40% range of the daily stochastic. It indicates that the market is in a bearish momentum.

General Outlook for NZD/USD
The NZD/USD pair is in an uptrend but faces rejection at level 0.7100. Kiwi may resume upward after a minor retracement. The Fibonacci tool has indicated the reversal of the coin.



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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.