NZD/USD Resumes a Fresh Uptrend to Revisit Level 0.6800

NZD/USD Resumes a Fresh Uptrend to Revisit Level 0.6800

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 pair was earlier in a downtrend but has resumed the uptrend. A retraced candle body tested the 0.786 Fibonacci retracement level. The Kiwi will rise and reach the 1.272 Fibonacci extension level or 0.6900 high. At this level, the market will reverse and return to the 78.6% Fibonacci retracement level. But the reversal will not immediate.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has risen to level 60 of the Relative Strength index period 14. It implies that the pair is in the uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping upward. It indicates the uptrend

NZD/USD Medium-term Trend: Ranging
On the 4-hour chart, the NZD/USD pair was in a downward move but price is consolidating above the 0.6700 support level. The pair is likely to move up if the current support holds. A break below the support will mean a downward movement of the coin.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward. It indicates the recent upward move. The pair is above the 20 % 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 an upward move. The kiwi has been trending but yet to break level 0.6800 resistance. It has resumed a fresh uptrend to reach the previous highs. The market is likely to reach a high of 0.6900 if the resistance at 0.6800 is breached.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.