NZD/USD Reaches the Overbought Region, Selling Pressure Likely

8 June 2021 | Updated: 8 June 2021

Key Resistance Levels: 0.7000, 0.7200, 0.7400
Key Support Levels: 0.6200, 0.6000, 0.5800

NZD/USD Price Long-term Trend: Ranging
NZD/USD is in a sideways move below level 0.7300 Since April. The currency pair has been fluctuating between levels 0.7150 and 0.7300. Today, the currency has risen and it is breaking above the moving averages. This will propel price to rise and break the resistance levels.

Daily Chart Indicators Reading:
The Kiwi is at level 51 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways trend.

NZD/USD – Daily Chart

NZD/USD Medium-term Trend: Ranging
On the 4-hour chart, the Kiwi is also in a sideways trend below level 0.7300. Meanwhile, on June 7 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.272 Fibonacci extension or the high of level 0.7267 and reverse.

NZD/USD -4 Hour Chart

4-hour Chart Indicators Reading
The pair is above the 80% range of the daily stochastic. It indicates that the market is in a bullish momentum and has reached the overbought region of the market. Sellers may emerge to push prices down. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.

General Outlook for NZD/USD
The NZD/USD pair is range-bound below the 0.7300 overhead resistances. The currency pair is fluctuating between levels 0.7150 and 0.7300. Prices may fall as the currency pair reaches the oversold region


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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.