NZD/USD Resumes Downward Move, Targets Level 0.6327

6 October 2020 | Updated: 6 October 2020

Key Resistance Levels: 0.6600, 0.6800, 0.7000
Key Support Levels: 0.6200, 0.6000, 0.5800

NZD/USD Price Long-term Trend: Bearish
NZD/USD resumes upward move but faces resistance at level 0.6800. A green candle body tested the 61.8% Fibonacci retracement. It indicates that Kiwi will fall and reach a low of 1.618 Fibonacci extension level. That is the low of a level of level 0.6327.

Daily Chart Indicators Reading:
The Kiwi has risen to level 51 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 – Daily Chart

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the NZD/USD pair is now falling after testing the level 0.6670 resistance zone. The price is testing and breaking the support level of 0.6620. A break below the current support will accelerate the price movement.

NZD/USD – 4 Hour Chart

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

General Outlook for NZD/USD
The NZD/USD pair has resumed a downward move. The uptrend has been terminated at 0.6600 resistance level. According to the Fibonacci tool, the market will rise and reach level 1.618 Fibonacci retracement level or the low of 0.6327.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.