As demand is greater than supply, NZDUSD exchange rate is rising

The NZDUSD currency pair on the Daily Chart has been in an uptrend since 23 May 2019 when it registered the low price at 0.64818. Subsequently, the price displayed a series of higher tops and higher bottoms. On 19 July 2019, the NZDUSD currency pair recorded the high price of 0.67908. Applying Oscillator Analysis on the price chart, one can notice that price is trading above the SMA 60 period Moving Average line, a fact that confirms the upward direction of Kiwi. Furthermore, the MACD (Moving Average/Convergence Divergence) Oscillator is recording values above the zero line which hints to the bullish bias of the financial instrument. Additionally, the RSI (Relative Strength Index) Oscillator registers values above the fifty line which indicates positive sentiment. All three technical indicators are in agreement for the upward bias of the financial instrument. Applying the Fibonacci tool on the price chart, three price targets may be calculated. The first price target is estimated at 0.68012 (161.8%). The second price target is seen at 0.69944 (261.8%). The third price target is projected at 0.73070 (423.6%). The first target was reached successfully. The Kiwi is currently trading below the uptrend line, which signals the weakness of the bulls to maintain the upward bias. The RSI Oscillator and price display a negative divergence which could push prices lower as long as supply is greater than demand. Of course, supply and demand as well as the crowd sentiment will determine the course of Kiwi. Current price is 1.01% below the last week close after a sharp decline in price during a period of heavy selling. Although the market is currently following the counter trend direction, this might just be a correction, as long-term trend remains bullish.