#NZDUSD @ 0.57165 fades recovery moves from a two-year low., @nehcap view: Further upside expected (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• NZD/USD fades recovery moves from a two-year low.
• Convergence of previous resistance line, 100-HMA challenges sellers.
• RSI retreat favor pullback in prices but bullish MACD, 0.5700 breakout keeps buyers hopeful.

The pair currently trades last at 0.57165.

The previous day high was 0.5722 while the previous day low was 0.5624. The daily 38.2% Fib levels comes at 0.5685, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5662, expected to provide support.

NZD/USD retreats to 0.5718 while snapping a two-day uptrend during Thursday’s quiet Asian session. In doing so, the Kiwi pair reverses the previous day’s bounce off the yearly bottom as the RSI (14) eases from the overbought region.

Even so, the quote keeps Wednesday’s upside break of the 0.5700 resistance confluence comprising the 100-HMA and a downward sloping trend line from September 13, now acting as immediate support.

Also adding strength to the 0.5700 support level is the 23.6% Fibonacci retracement of September 13-28 moves. It should be noted that the bullish MACD signals also keep the NZD/USD buyers hopeful.

That said, the 50-HMA acts as the last defense of the pair buyers around 0.5660, a break of which won’t hesitate to recall the bears targeting the fresh yearly low, currently near 0.5565.

Meanwhile, recovery moves need to cross the latest swing high surrounding 0.5740 to recall the NZD/USD buyers. Following that, the September 22 swing low near 0.5800 will be in focus.

However, the traders can doubt the recovery unless the pair remains below the 61.8% Fibonacci retracement level of 0.5935.

Trend: Further upside expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.5719 at the time of writing. Pair opened at 0.5705 and is trading with a change of 0.25 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.597, 50 SMA 0.6148, 100 SMA @ 0.6231 and 200 SMA @ 0.649.

The previous day high was 0.5722 while the previous day low was 0.5624. The daily 38.2% Fib levels comes at 0.5685, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5662, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.5645, 0.5585, 0.5547
• Pivot resistance is noted at 0.5744, 0.5782, 0.5842

[/s2If]
Join Our Telegram Group