NZD/USD Targets Level 0.6720 After a Minor Resistance

NZD/USD Targets Level 0.6720 After a Minor Resistance

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 resumes upward move but faces resistance at level 0.6800. The bulls have retested the recent resistance twice before making a downward move. The upward move is likely to continue to level 0.6720.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has risen to level 50 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 50-day SMA and 21-day SMA are sloping upward indicating the uptrend.


NZD/USD Medium-term Trend: Bullish
On the 4-hour chart, the NZD/USD pair is now in an upward move but it is facing a minor resistance at level 0.6600. A red candle body tested the 38.2% Fibonacci retracement level. The Kiwi will rise and reach level 2.618 Fibonacci extension level. That is a high level of 0.6720.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward. It indicates that the market is rising. The pair is above the 75% range of the daily stochastic. It indicates that the market is in bullish momentum. .

General Outlook for NZD/USD
The NZD/USD pair is rising. The uptrend will continue despite the resistance at level 0.6600. According to the Fibonacci tool, the market will rise and reach level 2.618 Fibonacci retracement level or the high of 0.6720.



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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.