NZD/USD Slumps to Level 0.7228 as Sellers Emerge at the Overbought Region

28 February 2021 | Updated: 28 February 2021

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
The Kiwi drops as sellers emerge in the overbought region. The market fell to the low of level 0.7228. If price finds support above the SMAs, the upward move will resume.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has fallen to level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 50-day SMA and 21-day SMA are sloping upwardly indicating the uptrend.

NZD/USD Medium-term Trend: Bearish
On the 2-hour chart, the NZD/USD pair is in a downtrend. On February 26 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the pair will fall to level 1.272 Fibonacci extensions. That is a low of level 0.7193.

NZD/USD – 2 Hour Chart

2-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping downward. The Kiwi is below the 20% range of the daily stochastic. It indicates that the market is a bearish momentum and has fallen to the oversold region of the market.

General Outlook for NZD/USD
The NZD/USD pair has a sudden breakdown as the price reaches the level 0.7228. The price will continue to fall if the selling pressure breaks below the SMAs.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.