NZD/USD Is in a Downward Move, Faces Rejection at the Recent High
Login

NZD/USD Is in a Downward Move, Faces Rejection at the Recent High

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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 resumed a downward move after testing level 0.72409. The index has fallen to a low at 0.7187. On December 17 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The NZD/USD pair will rise to level 1.272 Fibonacci extension and reverse. From the price action, the kiwi is facing rejection at the recent high.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has fallen to level 68 of the Relative Strength Index period 14. It indicates that the pair is in the uptrend zone. 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 is retracing and in a downward move. On December 27 uptrend; a retraced candle body tested 78.6% Fibonacci retracement level. The retracement indicates that the pair will rise to level 1.272 Fibonacci extension and reverse. That is a high of level 0.7176. The price action has surpassed that level and the market is resuming downward.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward. It indicates the previous uptrend. The Kiwi is below the 80% 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 facing rejection at the recent high. Kiwi has fallen to level 0.7187 and a further downward movement is expected. According to the Fibonacci tool, the pair will reverse and return to the 78.6% Fibonacci retracement.



Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News