#NZDUSD @ 0.65176 crosses two-week-old resistance line to highlight trader’s bullish bias., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• NZD/USD crosses two-week-old resistance line to highlight trader’s bullish bias.
• Upbeat MACD, RSI adds strength to the run-up targeting fresh multi-month high.
• Convergence of 61.8% Fibonacci Expansion, June 2022 high appears a tough nut to crack for buyers.
• Sellers need 100-SMA breakdown to confirm further downside.

The pair currently trades last at 0.65176.

The previous day high was 0.6479 while the previous day low was 0.6412. The daily 38.2% Fib levels comes at 0.6438, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6454, expected to provide support.

NZD/USD takes the bids to refresh the weekly high near 0.6520 during early Thursday’s Asian session. In doing so, the Kiwi pair extends its rebound from the 100-SMA to cross a downward-sloping resistance line from January 18.

Not only the successful recovery from the 100-SMA and the trend line breakout but bullish MACD signals and the upbeat RSI (14) also keep NZD/USD buyers hopeful.

As a result, the Kiwi pair is all set to poke the previous monthly high of 0.6530.

It’s worth noting, however, that a convergence of June 2022 high and 61.8% Fibonacci Expansion (FE) of its January 06-19 moves, near 0.6575, appears a strong resistance for the NZD/USD bulls to cross to keep the reins afterward.

On the flip side, pullback remains elusive unless the NZD/USD pair stays above the recent resistance-turned-support line near the 0.6500 round figure.

Even if the NZD/USD price drops below 0.6500 resistance-turned-support, the 100-SMA and the weekly low, respectively around 0.6440 and 0.6410, could challenge the pair’s further downside.

In a case where NZD/USD remains weak past 0.6410, the 200-SMA level near 0.6375 could act as the last defense of the bears.

Trend: Further upside expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6519 at the time of writing. Pair opened at 0.6465 and is trading with a change of 0.84% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.6413, 50 SMA 0.6359, 100 SMA @ 0.6093 and 200 SMA @ 0.6192.

The previous day high was 0.6479 while the previous day low was 0.6412. The daily 38.2% Fib levels comes at 0.6438, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6454, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6425, 0.6385, 0.6358
• Pivot resistance is noted at 0.6492, 0.6519, 0.6559

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