NZD/USD Unable to Break Level 0.7100, Selling Pressure Likely

NZD/USD Unable to Break Level 0.7100, Selling Pressure Likely

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
NZD/USD is in a downward move. The pair is making upward correction. The correction is facing resistance at the recent high. Meanwhile, on June 18 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the market will fall to level 1.618 Fibonacci extension or level 0.6731.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has risen to level 45 of the Relative Strength Index period 14. The pair is in the downtrend zone and below the centerline 50. The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways trend.

NZD/USD Medium-term Trend: Bearish
On the 4-hour chart, the Kiwi corrected upward but it is facing rejection. If it falls below the moving averages, the selling pressure will be accelerated. Meanwhile, on June 18 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the market will fall to level 2.0 Fibonacci extensions or level 0.6607.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
NZD/USD is below the 80% range of the daily stochastic. It indicates that the pair is a bearish momentum. The currency pair is likely to decline. In the meantime, the 21-day and 50-day SMAs are sloping downward.

General Outlook for NZD/USD
The NZD/USD pair is correcting upward. The Kiwi will resume selling pressure if it faces rejection at the recent high. According to the Fibonacci tool, the pair is likely to fall on the downside. The decline is likely to level 0.6600 or 0.6700.



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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.