NZD/USD Resumes Downward Move, Targets Level 0.6500

NZD/USD Resumes Downward Move, Targets Level 0.6500

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

NZD/USD Price Long-term Trend: Bearish
NZD/USD pair was recently in an upward move. The uptrend has been terminated at level 0.6700 as price makes a downward move. From the Fibonacci tool, the price that terminated at level 1.272 will reverse and return to the 0.786 retracement level where it came from. In other words, the pair will fall and reach a low of 0.6500.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi is at level 62 of the Relative Strength index period 14. It implies that the pair is in the uptrend zone and above the centerline 50. The market is falling as price faces rejection. The 50-day SMA and 21-day SMA are sloping upward. It indicates the previous trend.

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the NZD/USD pair is now in a downward move. The pair faces rejection at level 0.6700. The Kiwi is falling after making three unsuccessful attempts at the 0.6700 resistance zone. According to the Fibonacci tool, the pair will fall and reach a low of 0.6500.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward. It indicates that the recent upward move. The pair is below 80 % range of the daily stochastic. It indicates that the market is in a bearish momentum.

General Outlook for NZD/USD
The NZD/USD pair is now in a downward move. The pair has been trending in June and July. Presently, the market is on a downward move as the recent uptrend faces rejection from level 0.6700.



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