NZD/USD Resumes Selling Pressure, Attempts to Break Level 0.6922

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RESULTS

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
NZD/USD is in a downward move. The downtrend resumed after the rejection at level 0.7300. Following the breakdown on June 18, the bears are yet to break level 0.6922 of June 18. Instead, the price has been fluctuating above the previous low. A break below the previous low will increase the chances of further decline. Meanwhile, on June 18 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the market will fall to level 1.618 Fibonacci extension or level 0.6922.

Daily Chart Indicators Reading:
The Kiwi has fallen to level 42 of the Relative Strength Index period 14. The pair is in the downtrend zone and below the centerline 50. The 21-day SMA and 50-day SMA are sloping southward indicating the downtrend.

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the Kiwi price broke below the moving averages to resume a downward move. Meanwhile, on July 9 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the market will fall to level 2.618 Fibonacci extensions or level 0.6732. From the price action, the Kiwi has fallen to level 0.6949.

4-hour Chart Indicators Reading
NZD/USD is below the 40% range of the daily stochastic. It indicates that the pair is in a bearish momentum. The currency pair has fallen to the oversold region of the market. The 21-day and 50-day SMAs are sloping downward.

General Outlook for NZD/USD
The NZD/USD pair is in a downward move. The pair will have an accelerated movement as it breaks below the moving averages. According to the Fibonacci tool, the currency pair will fall either to level 0.6922 or 0.6731.


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