#NZDUSD @ 0.60301 has printed a fresh two-year low at 0.6030. (Pivot Orderbook analysis)

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• NZD/USD has printed a fresh two-year low at 0.6030.
• A downside break of the 0.6035-0.6063 demand zone has weakened the kiwi bulls further.
• The RSI (14) has shifted into the bearish range of 20.00-40.00, which indicates more weakness ahead.

The pair currently trades last at 0.60301.

The previous day high was 0.6129 while the previous day low was 0.6034. The daily 38.2% Fib levels comes at 0.607, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6093, expected to provide resistance.

The NZD/USD pair has started declining after attempting a pullback move to near 0.6038 in the early Tokyo session. On a broader note, a downside break of the consolidation formed in a narrow range of 0.6034-0.6053 has strengthened the greenback bulls. The asset has refreshed its two-year low at 0.6030.

A decisive slippage below the demand zone placed in a narrow range of 0.6035-0.6063 on a four-hour scale has turned into a supply area for the kiwi bulls ahead. Also, a build-up of selling pressure while testing the demand zone has bolstered the odds of further downside in the asset.

The 20-and 50-period Exponential Moving Averages (EMAs) at 0.6077 and 0.6118 respectively are scaling lower sharply, which adds to the downside filters.

Meanwhile, the Relative Strength Index (RSI) (14) has shifted into the bearish range of 20.00-40.00, which signals a continuation of downside momentum.

A break below the two-year low at 0.6030 will drag the asset towards the psychological support at 0.6000, followed by 20 April 2020 low at 0.5910.

Alternatively, an upside move above the demand zone placed in a 0.6035-0.6063 range will send the asset towards the round-level resistance and Friday’s high at 0.6100 and 0.6141 respectively.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6031 at the time of writing. Pair opened at 0.6038 and is trading with a change of -0.12 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6222, 50 SMA 0.622, 100 SMA @ 0.6324 and 200 SMA @ 0.6554.

The previous day high was 0.6129 while the previous day low was 0.6034. The daily 38.2% Fib levels comes at 0.607, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6093, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6005, 0.5972, 0.591
• Pivot resistance is noted at 0.61, 0.6162, 0.6195

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