NZD/USD Resumes Uptrend, Targets Level 0.7100

NZD/USD Resumes Uptrend, Targets Level 0.7100

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 is in an uptrend. On September 2 uptrend; the pair was resisted at 0.6800 high. The retraced candle body tested the 50% Fibonacci retracement level. It indicates that the Kiwi will rise and reach a high of 2.0 Fibonacci extension level. In other words, the market will reach a high of level 0.7100.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has risen to level 52 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 sideways move. The pair has been on a downward move after testing the resistance at level 0.6800. The selling pressure has been exhausted as price makes an upward move.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping downward. It indicates that the recent downtrend. The pair is below the 50 % 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 making an upward move. According to the Fibonacci tool, the Kiwi will rise to 2.0 Fibonacci extension level or the high of 0.7100. The indicators are approaching the uptrend zone.


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