NZD/USD Is in a Uptrend, Targets Level 0.7207

NZD/USD Is in a Uptrend, Targets Level 0.7207

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

NZD/USD Price Long-term Trend: Bullish
The Kiwi has continued its upward move. The pair fell to level 0.7000 but resumed upward shortly. The kiwi has risen to level 0.7183 after breaking level 0.7100. The uptrend will continue if the bullish momentum is sustained above level 0.7150.

NZD/USD – Daily Chart

Daily Chart Indicators Reading:
The Kiwi has risen to level 68 of the Relative Strength Index period 14. It indicates that the pair is in the overbought region of the market. The 50-day SMA and 21-day SMA are sloping upwardly indicating the uptrend.

NZD/USD Medium-term Trend: Bullish
On the 4-hour chart, the NZD/USD pair has resumed upward after falling to level 0.7083. On December 27 uptrend; a retraced candle body tested 61.8% Fibonacci retracement level. The retracement indicates that the pair will rise to level 1.618 Fibonacci extensions. That is a high of level 0.7207.

NZD/USD – 4 Hour Chart

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

General Outlook for NZD/USD
The NZD/USD pair is in an upward move. The Kiwi has risen to level 0.7189 but it is facing resistance at the recent high. According to the Fibonacci tool analysis, the market will rise to level 0.7207.


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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.