NZD/USD Resumes Uptrend, Attempts to Reach the Target Price of Level 0.67000

NZD/USD Resumes Uptrend, Attempts to Reach the Target Price of Level 0.67000


Key Resistance Levels: 0.64000, 0.65000, 0.66000
Key Support Levels: 0.58000, 0.57000, 0.56000

NZD /USD Long-term Trend: Bullish
The Kiwi pair is in an uptrend as it breaks level 0.62000. A correction candle body tested the 0.786 retracement level. This indicates that the market will reach a high of 1.272 extension level. The Kiwi will rise and reverse at the 1.272 extension level. When the market reverses, it returns to 0.786 retracement level.

BTC/USD – Daily Chart

Daily Chart Indicators Reading:
The SMAs are sloping upward indicating the uptrend. The SMAs have a bullish crossover. The Kiwi has risen to level 62 of the Relative Strength Index. This indicates that the pair is in the uptrend and also above the centerline 50. The pair is likely to rise.

NZD /USD Medium-term Trend: Bullish
The Kiwi is in an ascending channel. Recently, it reaches a high of 0.66000 to form a bearish double top. This bearish signal caused the pair to fall to level 0.64000. The support is holding as the pair resumes the uptrend.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Presently, the 21-day SMA and 50-day SMA are slowing upward indicating the upward. The pair is below 20% range of the daily stochastic. This indicates that Kiwi has fallen into the oversold region. We expect buyers to emerge in the oversold region.


General Outlook for NZD /USD
The Kiwi is in an uptrend. The pair tested the 0.786 Fibonacci retracement level indicating that the market will to rise to 1.272 extension level. The pair is also going to rise because it is in the oversold region.


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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