NZD/USD Falls After Facing Rejection at Level 0.7100

NZD/USD Falls After Facing Rejection at Level 0.7100

Key Resistance Levels: 0.7000, 0.7200, 0.7400
Key Support Levels: 0.6200, 0.6000, 0.5800

NZD/USD Price Long-term Trend: Bullish
The Kiwi has continued its upward move. Presently, the Kiwi is retracing after rejection at level 0.7100. The pair is in a downward move and it is approaching level 0.70413. The price has broken the 21-day SMA which suggests the downtrend will continue.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has risen to level 54 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: Bearish
On the 4-hour chart, the NZD/USD pair has resumed its downward move. On November 20 downtrend; a retraced candle body tested 50% Fibonacci retracement level. The retracement indicates that the pair will fall to level 2.0 Fibonacci extensions.

NZD/USD – 4 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 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 is in a downward move. It retested level 0.7100 to further decline. According to the Fibonacci tool analysis, the market will fall and reach a low of 0.6826.



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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.