NZD/USD Rallies Sharply, Targets Level 0.68000

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Azeez Mustapha

Updated: 13 October 2022

Key Resistance Levels: 0.64000, 0.65000, 0.66000
Key Support Levels: 0.58000, 0.57000, 0.56000

NZD /USD Long-term Trend: Bullish
The Kiwi pair is in an uptrend as it breaks level 0.62000. A correction candle body tested the Fibonacci 0.618 retracement level. This indicates that the New Zealand dollar’s first target will be at the 1.618 extension level. Later, the pair will continue its upward move. The next target will be determined when price corrects. Presently, the market is yet to correct at the time of writing.

Daily Chart Indicators Reading:
The SMAs are sloping upward indicating the uptrend. The SMAs have a bullish crossover. The Kiwi has risen to level 76 of the Relative Strength Index. This indicates that the pair is in the uptrend and also above the centerline 50. The RSI indicates the market has reached the overbought region.

NZD /USD Medium-term Trend: Bullish
The Kiwi is in an ascending channel. The currency pair is making a series of higher highs and higher lows. The Kiwi has broken the level 0.64000 and it is approaching level 0.65071.

4-hour Chart Indicators Reading
Presently, the 21-day SMA and 50-day SMA are slowing upward indicating the upward. The pair is above 80% range of the daily stochastic. The market has been in the overbought since June 1. In a trending market, the overbought condition may not hold.

General Outlook for NZD /USD
The Kiwi is in an uptrend. The New Zealand Dollar is likely to resume upward move after the retracement. That is, it is expected to reach the second target of level 0.68000.The New Zealand dollar will continue the uptrend after second target.

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