NZD/USD Is in a Downward Move, Targets Level 0.6450

NZD/USD Is in a Downward Move, Targets Level 0.6450

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

NZD/USD Price Long-term Trend: Ranging
NZD/USD pair is in a downward move after testing level 0.6700. The pair is drawn in an ascending channel. It  has been falling after the resistance was tested twice. The downward move will persist if price breaks below the support line.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has fallen to level 43 of the Relative Strength index period 14. It implies that the pair is in the downtrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping downward. It indicates the current trend

NZD/USD Medium-term Trend: Ranging
On the 4-hour chart, the NZD/USD pair is in a downward move. Presently, it is consolidating above level 0.65. A green candle body tested 78.6% Fibonacci retracement level. The Kiwi will fall and reach the low of 1.272 Fibonacci extension level. In other words, the market will fall and reach the low of 0.6450. Thereafter, the Kiwi will reverse.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping horizontally. It indicates that the recent sideways move. The pair is above 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 a sideways move. In view of the recent downtrend, the Kiwi is likely fall. Presently, it is consolidating above level 0.6500 for the past five days.

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