NZD/USD Resumes Uptrend, May Reach Level 0.6715

NZD/USD Resumes Uptrend, May Reach Level 0.6715

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 upward move has resumed after breaking the recent resistance at level 0.6567. There is a minor retracement to level 0.6625 but uptrend has resumed to the recent highs. The kiwi is expected to rise as price is above the SMAs.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi is at level 65 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: Bullish
On the 4-hour chart, the NZD/USD pair is now in an uptrend. After a brief sideways trend for two weeks, the pair has resumed an upward move. 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 reverse after attaining the high of level 1.272 but the reversal will not be immediate.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward. It indicates the recent upward move. The pair is above 20 % range of the daily stochastic. It indicates that the market is in the oversold region. Buyers may emerge to push prices upward.

General Outlook for NZD/USD
The NZD/USD pair is now in an uptrend. The market fell to level 0.6617 after reaching the high of level 0.6689. According to the Fibonacci tool, the current uptrend will reach a high of level 1.272. In other words, the market will reach level 0.6715.

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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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.