#NZDUSD @ 0.61520 The is pairing Monday’s losses, up by 0.84%. (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)]

• The NZD/USD is pairing Monday’s losses, up by 0.84%.
• From a daily chart perspective, the NZD/USD is neutral-upward biased, though it needs to clear 0.6200.
• An ascending channel in the NZD/USD 4-hour chart will exacerbate a rally towards 0.6300.

The pair currently trades last at 0.61520.

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 support.

The New Zealand Dollar (NZD) trims Monday’s losses and rises back above the 0.6100 figure due to overall US Dollar (USD) weakness, as market sentiment improved, though it remains fragile. Therefore, the NZD/USD is trading at 0.6148, above its opening price by 0.80%, after hitting a daily low of 0.6094.

From a daily chart perspective, the NZD/USD is neutral-to-upward biased, consolidated for the last six days, within the 0.6100 – 0.6200 range. Of note, the NZD/USD exited from a descending channel six days ago, a solid breakout, meaning that the major might rally toward higher prices. Nevertheless, although in bullish territory, the Relative Strength Index (RSI) aims downwards, meaning buyers are losing momentum or getting a respite ahead of challenging the 200-day Exponential Moving Average (EMA) at 0.6303.

Short term, the NZD/USD 4-hour chart suggests an ascending channel is forming, which, once broken to the upside, would expose key resistance levels. Nevertheless, the NZD/USD is struggling to clear the R1 daily pivot at 0.6150, which, once cleared, could open the door toward 0.6200, followed by the August 24 swing high at 0.6251, ahead of the 0.6300 psychological level.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6152 at the time of writing. Pair opened at 0.6102 and is trading with a change of 0.82 % .

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 support.

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

[/s2If]
Join Our Telegram Group