#NZDUSD @ 0.61192 remains mildly bid inside one-week-old ascending trend channel., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• NZD/USD remains mildly bid inside one-week-old ascending trend channel.
• Convergence of 50-EMA, channel’s support questions immediate downside.
• Lower high formation, bearish MACD signals keep sellers hopeful.

The pair currently trades last at 0.61192.

The previous day high was 0.617 while the previous day low was 0.6087. The daily 38.2% Fib levels comes at 0.6119, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6138, expected to provide resistance.

NZD/USD retreats from intraday high to 0.6115 heading into Tuesday’s European session. In doing so, the Kiwi pair reverses from the 21-bar Exponential Moving Average (EMA).

It’s worth noting that the lower high formation since Friday and bearish MACD signals join the quote’s U-turn from the short-term key EMA to tease bears.

However, a convergence of the 50-EMA and support line of a one-week-old ascending trend channel, around 0.6090, appears a tough nut to crack for the NZD/USD bears.

In a case where NZD/USD bears manage to conquer the 0.6090 support confluence, the 100-EMA and an upward-sloping trend line from November 03, close to 0.6010, as well as the 0.6000 psychological magnet will challenge the pair’s further downside.

Alternatively, a clear upside break of the 21-EMA surrounding 0.6125 could escalate the recovery moves towards the 0.6175 hurdle before challenging the upper line of the mentioned channel, close to 0.6210 by the press time.

Should NZD/USD buyers manage to keep the reins past 0.6210, the late August swing high surrounding 0.6255 could act as the last defense of the bears.

Overall, NZD/USD bulls appear running out of steam but the road to the downside is a long one.

Trend: Further downside expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6117 at the time of writing. Pair opened at 0.6102 and is trading with a change of 0.25% % .

The pair is trading above its 20 Daily moving average @ 0.5952, above its 50 Daily moving average @ 0.5824 , above its 100 Daily moving average @ 0.6017 and below its 200 Daily moving average @ 0.631

The previous day high was 0.617 while the previous day low was 0.6087. The daily 38.2% Fib levels comes at 0.6119, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6138, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6069, 0.6037, 0.5987
• Pivot resistance is noted at 0.6152, 0.6202, 0.6234

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