#NZDUSD @ 0.62385 extends Friday’s pullback from three-month high, begins the week with a downside gap., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• NZD/USD extends Friday’s pullback from three-month high, begins the week with a downside gap.
• Bearish MACD signals favor downside towards two-week-long horizontal support but further downside appears limited.
• 100-SMA, ascending trend line from early November offer strong challenge to sellers.
• Bulls need validation from 0.6270 to retake control.

The pair currently trades last at 0.62385.

The previous day high was 0.6278 while the previous day low was 0.6219. The daily 38.2% Fib levels comes at 0.6241, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6255, expected to provide resistance.

NZD/USD holds lower ground near 0.6220, after beginning the week’s trading with a downside gap, as bears jostle with a short-term key support line during early Monday in Asia. In doing so, the Kiwi pair extend Friday’s pullback from the highest levels since early August.

That said, bearish MACD signals and failure to refresh the monthly-day high keep the NZD/USD sellers hopeful of breaking the 0.6220 immediate support.

However, multiple levels marked since November 15 could challenge the Kiwi pair’s further downside near 0.6200.

In a case where the quote breaks the 0.6200 key support, the odds of witnessing a slump toward the 100-SMA level surrounding 0.6080 can’t be ruled out. Even so, an upward-sloping support line from November 04, close to 0.6075 by the press time, could probe the NZD/USD bears afterward.

Meanwhile, recovery remains elusive unless the quote crosses a downward-sloping resistance line from November 24, near 0.6270 at the latest.

Following that, the monthly high of 0.6290 and the 0.6300 threshold may act as the upside filters before directing the bulls towards the early August highs near 0.6355 and the August month’s peak surrounding 0.6470.

Trend: Further downside expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6221 at the time of writing. Pair opened at 0.6252 and is trading with a change of -0.50% % .

The pair is trading above its 20 Daily moving average @ 0.6041, above its 50 Daily moving average @ 0.5843 , above its 100 Daily moving average @ 0.6019 and below its 200 Daily moving average @ 0.6301

The previous day high was 0.6278 while the previous day low was 0.6219. The daily 38.2% Fib levels comes at 0.6241, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6255, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6222, 0.6191, 0.6162
• Pivot resistance is noted at 0.6281, 0.6309, 0.634

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