#NZDUSD @ 0.61265 NZDUSD remains sidelined after bouncing off a one-week-old horizontal support., @nehcap view: Limited recovery expected (Pivot Orderbook analysis)

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• NZDUSD remains sidelined after bouncing off a one-week-old horizontal support.
• Sluggish oscillators, bullish chart pattern keeps buyers hopeful but 0.6160 holds the key for the bull’s conviction.
• 200-HMA, fortnight-old ascending trend line restricts immediate downside.

The pair currently trades last at 0.61265.

The previous day high was 0.6195 while the previous day low was 0.6129. The daily 38.2% Fib levels comes at 0.6154, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.617, expected to provide resistance.

NZDUSD seesaws around 0.6130, challenging a two-day downtrend, as traders struggle for fresh clues inside a one-week-old descending triangle bullish formation during early Friday.

In doing so, the Kiwi pair makes rounds to the 50-HMA amid the inactive performance of the Relative Strength Index (RSI) placed at 14, as well as the Moving Average Convergence and Divergence (MACD).

With this, the Kiwi pair is likely to remain sidelined during the five-week uptrend, despite the latest pullback.

However, a downside break of the stated triangle’s support area, near 0.6060, won’t hesitate to recall the NZDUSD bears.

Following that, the 200-HMA and a two-week-long ascending support line, respectively around 0.6040 and 0.5955, could challenge the quote’s further downside.

Meanwhile, the 50-HMA level surrounding 0.6140 restricts the immediate upside of the NZDUSD pair.

Even so, the stated triangle’s top line near 0.6160 appears crucial to convince the pair buyers in retaking control. Also acting as an upside filter is the monthly high near 0.6205.

Overall, NZDUSD buyers are likely to keep the reins despite the latest pullback in prices.

Trend: Limited recovery expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6131 at the time of writing. Pair opened at 0.6153 and is trading with a change of -0.36% % .

The pair is trading above its 20 Daily moving average @ 0.5888, above its 50 Daily moving average @ 0.5822 , above its 100 Daily moving average @ 0.6019 and below its 200 Daily moving average @ 0.6318

The previous day high was 0.6195 while the previous day low was 0.6129. The daily 38.2% Fib levels comes at 0.6154, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.617, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6123, 0.6093, 0.6056
• Pivot resistance is noted at 0.6189, 0.6225, 0.6255

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