NZD/USD Resumes Uptrend, May Retest Level 0.7300

NZD/USD Resumes Uptrend, May Retest Level 0.7300

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 is in an uptrend. From the price action, the Kiwi reached a high of level 0.7315 and reversed. The Fibonacci tool analysis has confirmed the reversal. The Fibonacci tool indicated that the market will reverse at level 1.272 Fibonacci extension or 0.7325. The price will retrace to the 78.6% Fibonacci retracement level where it originated. A fresh uptrend is likely to resume.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has fallen to level 56 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: Bearish
On the 4-hour chart, the NZD/USD pair is now in a downtrend. On January 11 downtrend; a retraced candle body tested 78.6% Fibonacci retracement level. The retracement indicates that the pair will fall to level 1.272 Fibonacci extension. That is a low of level 0.7108.

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 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 retraced enough to resume an upward move. According to Fibonacci tool analysis, the pair will fall to level 1.272 or 0.7108 low.


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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.