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Key Resistance Levels: 0.64000, 0.65000, 0.66000
Key Support Levels: 0.58000, 0.57000, 0.56000
NZD /USD Long-term Trend: Bullish
NZD /USD pair is in a bull market. A correction candle body tested the 0.236 Fibonacci retracement level. This indicates that if the uptrend resumes, the market will reach level 4.236 Fibonacci extension level. According to the Fibonacci tool, the market will first rise to the 1.272 extension level. Subsequently, the price will move up to the next extension until it reaches a high of 4.236 extension level.
Daily Chart Indicators Reading:
The 50-day SMA and the 21-day SMA are sloping upward indicating the uptrend. The SMAs have a bullish crossover. The Kiwi has risen to level 69 of the Relative Strength Index. This indicates that the pair is in the uptrend and also above the centerline 50.
NZD /USD Medium-term Trend: Bullish
The Kiwi is in an ascending channel. The currency pair is making a series of higher highs and higher lows. The Kiwi is currently approaching the high of level 0.63457.
4-hour Chart Indicators Reading
Presently, the 21-day SMA and 50-day SMA are slowing upward indicating the upward. The pair is above 80% range of the daily stochastic. It indicates strong bullish momentum. In the overbought region, sellers are likely to emerge to push prices down. However, in a trending market, an overbought or oversold condition may not hold.
General Outlook for NZD /USD
The Kiwi is in an uptrend. The market is approaching 1.272 Fibonacci extension which is the first target. Subsequently, the trend will continue will move up to previous highs.
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