NZD/USD Recovers From Level 0.6950 low, Resumes Upward Move


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

NZD/USD Price Long-term Trend: Bearish
The Kiwi has been in a downward movement since February 25. It was rejected at level 0.7450 and it fell to level 0.7100. The Kiwi corrected upward but faced another rejection at level 0.7250. This time, NZD/USD slumped to 0.6950 low. The currency pair has resumed an upward move.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi is at level 55 of the Relative Strength Index period 14. It indicates that the pair is in the uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping downward.

NZD/USD Medium-term Trend: Bullish
On the 4-hour chart, the Kiwi is in an uptrend but faces rejection at the 0.7200 resistance zone. On April 15 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the Kiwi will rise to level 1.272 Fibonacci extension. That is the high of level 0.7228. The Kiwi is expected to reverse to 78.6 % Fibonacci level.

4-hour Chart Indicators Reading
The pair is below the 80% range of the daily stochastic. The market was previously in a bearish momentum. The price action is showing some bullish signals.

NZD/USD – 4 Hour Chart

General Outlook for NZD/USD
The NZD/USD pair is recovering after falling to the low of level 0.6950. The Kiwi price has broken above the moving averages but the pair is facing rejection at the 0.7200 resistance zone. The uptrend will resume once the current resistance is breached.

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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.