#NZDUSD @ 0.57415 retreats from two-week high even as China Q3 GDP grew better than forecast., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

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• NZD/USD retreats from two-week high even as China Q3 GDP grew better than forecast.
• MACD signals, rebound from one-week-old rising trend line favor buyers.
• One-month-old horizontal resistance acts as extra filters to the north.

The pair currently trades last at 0.57415.

The previous day high was 0.5771 while the previous day low was 0.5599. The daily 38.2% Fib levels comes at 0.5705, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5665, expected to provide support.

NZD/USD fails to justify upbeat China data as it drops to 0.5745 while extending the week-start pullback from the 12-day high during Monday’s Asian session.

Also read: China GDP (YoY) Q3: 3.9% (exp 3.3% vs. prev 0.4%), Aussie remains volatile

In doing so, the Kiwi pair retreats from the 200-SMA and ignores the bullish MACD signals.

With this, the quote’s further downside becomes questionable unless it breaks the one-week-old support line, around 0.5675 by the press time.

Following that, a downward trajectory towards refreshing the yearly low near 0.5510 can’t be ruled out.

It should be noted that the NZD/USD pair’s weakness past 0.5510 needs validation from the 0.5500 threshold and the year 2020 bottom surrounding 0.5470 to keep the bears on the table.

Alternatively, recovery moves will initially need to cross the 200-SMA hurdle near 0.5780 to convince intraday buyers before challenging a one-month-old horizontal resistance area surrounding 0.5805-10.

Should the Kiwi pair buyers manage to keep the reins past 0.5810, the quote can aim for the 0.6000 psychological magnet and the previous monthly peak surrounding 0.6165.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.5749 at the time of writing. Pair opened at 0.575 and is trading with a change of -0.02% % .

The pair is trading above its 20 Daily moving average @ 0.5661, below its 50 Daily moving average @ 0.592 , below its 100 Daily moving average @ 0.6096 and below its 200 Daily moving average @ 0.6387

The previous day high was 0.5771 while the previous day low was 0.5599. The daily 38.2% Fib levels comes at 0.5705, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5665, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.5643, 0.5535, 0.5471
• Pivot resistance is noted at 0.5815, 0.5879, 0.5987

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