NZD/USD Struggles at Level 0.7300, Faces Rejection at Recent High

NZD/USD Struggles at Level 0.7300, Faces Rejection at Recent High

Key Resistance Levels: 0.7000, 0.7200, 0.7400
Key Support Levels: 0.6200, 0.6000, 0.5800

NZD/USD Price Long-term Trend: Ranging
Presently, NZD/USD is an upward move. Today, the Kiwi is finding penetration difficult at level 0.7300. The uptrend has been stalled at level 0.7300. In the previous price action on April 29, the pair was resisted at level 0.7300. The market declined to level 0.7203 and resumed a fresh uptrend. On April 29 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the Kiwi will rise to level 2.0 Fibonacci extension or the high of level 0.7560.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi is at level 56 of the Relative Strength Index period 14. It indicates that the pair in the uptrend zone and capable of rising. The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways trend.

NZD/USD Medium-term Trend: Ranging
On the 4-hour chart, the Kiwi is in a sideways move below the level 0.7300. Today, Kiwi is falling after reaching the high of level 0.7299. Buyers are yet to sustain above recent high since February. On April 26 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the Kiwi will rise to level 2.0 Fibonacci extension or the high of level 0.7337.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is above the 80% range of the daily stochastic. It indicates that the market is in a bullish momentum. The pair has reached the overbought region of the market.The 21-day and 50-day SMA s are sloping upward indicating the uptrend.

General Outlook for NZD/USD
The NZD/USD pair has been in a sideways move and the bulls are yet to break level 0.7300. Today, the pair is falling as the Kiwi faces rejection at the recent high.


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Author : Azeez Mustapha

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