NZD/USD Resumes Upward Move, Targets Level 0.6800

NZD/USD Resumes Upward Move, Targets 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 resumes upward move but faces resistance at level 0.6800. A red candle body tested the 50% Fibonacci retracement level. It indicates that Kiwi will rise and reach a high of 2.0 Fibonacci extension level. That is the high of level 0.6800.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has risen to level 55 of the Relative Strength Index period 14. It indicates that the pair is now in the uptrend zone. 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 in an uptrend. A red candle body tested the 61.8% Fibonacci retracement. The Kiwi will rise and reach a high of 1.618 Fibonacci extension level. That is level 0.6627. Target has been achieved in the lower time frame.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward. It indicates that the uptrend. The pair is above the 80% 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 resumed an upward move. The uptrend is approaching level 0.6667. According to the Fibonacci tool, the market will rise and reach level 2.0 Fibonacci retracement level or the high of 0.6800.


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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.