Kiwi bulls are eyeing a break above the immediate hurdle of 0.5950 for upside momentum. (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)]

• Kiwi bulls are eyeing a break above the immediate hurdle of 0.5950 for upside momentum.
• Sustainability above the 38.2% Fibo retracement has underpinned the Kiwi dollar against the Greenback.
• A golden cross, represented by the 50-and 200-EMAs adds to the upside filters.

The pair currently trades last at 0.594.

The previous day high was 0.5937 while the previous day low was 0.5757. The daily 38.2% Fib levels comes at 0.5868, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5826, expected to provide support.

The NZDUSD pair is struggling to cross the critical hurdle of 0.5940 in the Tokyo session. Odds are favoring an upside as the risk impulse is extremely positive. The S&P500 index continued its bullish performance on Monday after a positive Friday.

Meanwhile, the US dollar index (DXY) has witnessed a steep fall after failing to sustain above the crucial resistance of 111.00. Rising expectations of a slowdown in the pace of rate hikes by the Federal Reserve (Fed) have significantly trimmed the DXY’s appeal. Now, the focus has shifted to US mid-term elections, which will provide a decision price action ahead.

On a four-hour scale, the asset is hovering around the immediate hurdle of 0.5950. The sustainability of the asset above the 38.2% Fibonacci (Fibo) retracement (placed from August 12 high at 0.6470 to October 13 low of 0.5512) at 0.5880 has strengthened the antipodean against the Greenback.

A golden cross, represented by the 50-and 200-period Exponential Moving Averages (EMAs) at 0.5784, has underpinned the Kiwi dollar.

Meanwhile, the Relative Strength Index (RSI) (14) is focusing on keeping itself above 60.00 for bullish momentum.

Going forward, a break above the immediate hurdle of 0.5950 will send the asset toward the psychological resistance of 0.6000, followed by 61.8% Fibo at 0.6108.

Alternatively, a downside break below 23.6 Fibo at 0.5742 will drag the asset toward the round-level support at 0.5600. A slippage below the latter will drag the asset toward October 13 low of 0.5512.

Technical Levels: Supports and Resistances

EURUSD currently trading at 0.594 at the time of writing. Pair opened at 0.5931 and is trading with a change of 0.15 % .

The pair is trading above its 20 Daily moving average @ 0.5718, above its 50 Daily moving average @ 0.5831 , below its 100 Daily moving average @ 0.6039 and below its 200 Daily moving average @ 0.6341

The previous day high was 0.5937 while the previous day low was 0.5757. The daily 38.2% Fib levels comes at 0.5868, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5826, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.5813, 0.5695, 0.5634
• Pivot resistance is noted at 0.5993, 0.6055, 0.6173

[/s2If]
Join Our Telegram Group