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

The NZDUSD currency pair on the 4 Hours Chart has been in an uptrend since 14 June 2019 when it registered the low price at 0.64886. Subsequently, the price displayed a series of higher tops and higher bottoms. On 26 June 2019, the NZDUSD currency pair recorded the high price of 0.66928. 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 in the overbought zone after an increase in buying and excess of net gain. 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 0.66351 (161.8%). The second price target is seen at 0.66850 (261.8%). The third price target is projected at 0.67658 (423.6%). The first and second targets were reached successfully. The Kiwi is currently trading above the uptrend line. Of course, supply and demand as well as the crowd sentiment will determine the course of Kiwi. Current price is 1.44% 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.