#NZDUSD @ 0.61820 NZDUSD catches fresh bids on Friday amid the emergence of some USD selling. (Pivot Orderbook analysis)

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• NZDUSD catches fresh bids on Friday amid the emergence of some USD selling.
• A modest downtick in the US bond yields, a positive risk tone weigh on the buck.
• Spot prices remain on track to register strong gains for the fifth successive week.

The pair currently trades last at 0.61820.

The previous day high was 0.6169 while the previous day low was 0.6064. The daily 38.2% Fib levels comes at 0.6104, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6129, expected to provide support.

The NZDUSD pair regains positive traction on Friday and builds on the previous day’s late recovery from the 0.6065 region, or the weekly low. The pair climbs to the 0.6175-0.6180 area during the first half of the European session and remains well within the striking distance of its highest level since August 26 touched on Tuesday.

The US Dollar struggles to gain any meaningful traction on the last day of the week and turns out to be a key factor acting as a tailwind for the NZDUSD pair. A softer tone surrounding the US Treasury bond yields keeps the USD bulls on the defensive. Apart from this, a modest recovery in the equity markets further undermines the safe-haven buck and benefits the risk-sentiment Kiwi.

That said, growing worries about economic headwinds stemming from a new COVID-19 outbreak in China and persistent geopolitical risks might keep a lid on any optimism in the markets. Furthermore, investors seem convinced that the Fed will continue to hike interest rates, although at a slower pace, to curb inflation. This should act as a tailwind for the USD and cap the NZDUSD pair.

Moving ahead, traders now look forward to the release of the US Existing Home Sales data, due later during the early North American session. This, along with the US bond yields and the broader risk sentiment, will influence the USD and provide some impetus. Nevertheless, the NZDUSD pair remains on track to end in positive territory for the fifth successive week.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6176 at the time of writing. Pair opened at 0.6129 and is trading with a change of 0.77 % .

The pair is trading above its 20 Daily moving average @ 0.591, above its 50 Daily moving average @ 0.5823 , above its 100 Daily moving average @ 0.6018 and below its 200 Daily moving average @ 0.6315

The previous day high was 0.6169 while the previous day low was 0.6064. The daily 38.2% Fib levels comes at 0.6104, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6129, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6072, 0.6016, 0.5967
• Pivot resistance is noted at 0.6177, 0.6226, 0.6282

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