#NZDUSD @ 0.61204 A recovery in positive market sentiment has underpinned the Kiwi bulls. (Pivot Orderbook analysis)

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• A recovery in positive market sentiment has underpinned the Kiwi bulls.
• The asset has built an auction profile above the breakout area of the Rising Channel formation.
• A bullish range shift by the RSI (14) adds to the upside filters.

The pair currently trades last at 0.61204.

The previous day high was 0.6122 while the previous day low was 0.6062. The daily 38.2% Fib levels comes at 0.6085, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6099, expected to provide support.

The NZDUSD pair has refreshed its day’s high at 0.6119 as the risk-on impulse has regained traction. A smart recovery in the S&P500 futures after selling pressure on Monday has infused fresh blood into the risk-perceived assets.

The US dollar index (DXY) has slipped sharply after a long struggle around the immediate hurdle of 107.00 in Asia. Meanwhile, 10-year US Treasury yields are holding around 3.88% despite a decline in expectations of a bigger rate hike continuation by the Federal Reserve (Fed).

On a four-hour scale, the asset has built an auction profile above the Rising Channel formation. The upper portion of the chart pattern is placed from October 12 high at 0.5716 while the lower portion is plotted from October 13 low at 0.5512. The sustainability of the pair at elevated levels after a channel breakout indicates that kiwi bulls are extremely solid.

Meanwhile, the advancing 20-period Exponential Moving Average (EMA) at 0.6060, dictates that the upside trend is firmer.

Also, the Relative Strength Index (RSI) (14) is oscillating in a bullish range of 60.00-80.00, which signals that the upside momentum is intact.

Going forward, a break above Friday’s high at 0.6130 will drive the asset towards the round-level hurdle at 0.6200, followed by August 25 high at 0.6251.

On the contrary, a downside move below November 7 low at 0.5863 will put the Greenback bulls into the driving seat and will drag the asset toward the round-level support of 0.5800. A slippage below the latter will open room for more downside toward November 3 low at 0.5741.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6117 at the time of writing. Pair opened at 0.6101 and is trading with a change of 0.26 % .

The pair is trading above its 20 Daily moving average @ 0.584, above its 50 Daily moving average @ 0.5818 , above its 100 Daily moving average @ 0.6021 and below its 200 Daily moving average @ 0.6323

The previous day high was 0.6122 while the previous day low was 0.6062. The daily 38.2% Fib levels comes at 0.6085, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6099, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6068, 0.6034, 0.6007
• Pivot resistance is noted at 0.6128, 0.6155, 0.6189

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