NZD/USD Rebounds above Level 0.7120, Pushes on the Upside

NZD/USD Rebounds above Level 0.7120, Pushes on the Upside

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
NZD/USD is in a sideways move below level 0.7300 Since April. The Kiwi is rising after falling to the low of level 0.7115. The currency pair has an uphill task to break above the moving averages to resume up trending. The currency pair has been fluctuating between levels 0.7150 and 0.7300 for the past three months.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has fallen to level 44 of the Relative Strength Index period 14. It indicates that the pair has fallen to the bearish trend zone and capable of falling on the downside. 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 is in a downward move below level 0.7300. Meanwhile, on May 28 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 0.7152. The currency pair has retested the Fibonacci extension twice and resumed upward.

NZD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is above the 25% range of the daily stochastic. It indicates that the market is in a bullish momentum. The pair has earlier fallen to the oversold region. Buyers are emerging to push prices down. In the meantime, the 21-day and 50-day SMAs are sloping downward.

General Outlook for NZD/USD
The NZD/USD pair has resumed upward. The pair has risen to level 0.7147. Buyers have emerged at the oversold region. The market is poised to rise.

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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.