NZD/USD Resumes Downtrend After Rejection From Level 0.6600

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

NZD/USD Price Long-term Trend: Bullish
NZD/USD pair is in an upward move. The Kiwi rose to level 0.6600 and was resisted. This will be the second time the pair will be testing the resistance at level 0.6600. The first time the resistance was tested the market fell to level 0.6400. Yesterday the bulls have been resisted as the market makes a downward move. The kiwi is likely to reach the low of level 0.6400.

Daily Chart Indicators Reading:
The Kiwi is at level 61 of the Relative Strength index period 14. It implies that the pair is in the uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping upward. It indicates that the market is rising.

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the NZD/USD pair is an uptrend. The bulls tested the resistance at level 0.6600 twice before the downward move. The price has broken below the EMAs. The downtrend will continue to the low of level 0.6450 or 0.6400.

4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping upward. It indicates that the recent upward move. The pair is below 20% range of the daily stochastic. It indicates that the market is in the oversold region. It indicates that buyers are likely to emerge in the oversold region.


General Outlook for NZD/USD
The NZD/USD pair was earlier in an uptrend but was repelled at level 0.6600. The pair is now on a downward move. The selling pressure will reach the low of level 0.6400 if the pair continues its downward move.


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