NZD/USD Rebounds above Level 0.7200, Faces Minor Resistance at 0.7240

NZD/USD Rebounds above Level 0.7200, Faces Minor Resistance at 0.7240

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

NZD/USD Price Long-term Trend: Bullish
The Kiwi rebounded above level 0.7200 and has continued to rise on the upside. On January 7 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that NZD/USD pair will rise to level 1.618 Fibonacci extensions or the high of level 0.7506.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has risen to level 58 of the Relative Strength Index period 14. It indicates that the pair has gone back to the uptrend zone. The 50-day SMA and 21-day SMA are sloping upwardly indicating the uptrend.

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the NZD/USD pair has rebounded above level 0.7200. On January 21 uptrend; a retraced candle body tested 61.8% Fibonacci retracement level. The retracement indicates that the pair will rise to level 1.618 Fibonacci extension. That is a high of level 0.7300.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward. The Kiwi is above the 60% range of the daily stochastic. It indicates that the market is a bullish momentum. It is approaching the overbought region of the market.

General Outlook for NZD/USD
The NZD/USD is making an upward by rebounding above level 0.7200. The upward move is likely to continue after breaking level 0.7240. Nonetheless, the uptrend will resume despite the minor retracement. The Kiwi is expected to reach a high of level 0.7300.


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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.