#NZDUSD @ 0.62547 seesaws in a choppy range after confirming a bullish chart formation and refreshing two-week high., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• NZD/USD seesaws in a choppy range after confirming a bullish chart formation and refreshing two-week high.
• Convergence of 21-day EMA, 200-day EMA challenges Kiwi pair buyers.
• Looming bull cross on MACD defends upside bias.

The pair currently trades last at 0.62547.

The previous day high was 0.6208 while the previous day low was 0.6133. The daily 38.2% Fib levels comes at 0.6179, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6162, expected to provide support.

NZD/USD bulls struggle to justify the falling wedge breakout as the key moving averages challenge upside near the mid-0.6200s during early Thursday. However, the impending bull cross on the MACD indicator keeps the Kiwi pair buyers hopeful, especially after the confirmation of the bullish chart pattern the previous day.

The upside break of a one-month-old falling wedge bullish formation failed to cross the convergence of the 200-day Exponential Moving Average (EMA) and the 21-day EMA, around 0.6270 by the press time.

Should the quote crosses the immediate hurdle, as expected due to the MACD conditions and falling wedge confirmation, the NZD/USD can quickly poke the mid-February swing high surrounding 0.6390.

In a case where the Kiwi buyers keep the reins past 0.6390, as well as cross the 0.6400 threshold, the highs marked in the last December and the previous month, respectively near 0.6515 and 0.6540, could act as buffers during the theoretical run-up targeting 0.6600.

Meanwhile, pullback moves remain less important until the quote stays beyond the aforementioned wedge’s top line, close to 0.6175 at the latest.

It’s worth noting that January’s low of 0.6190 acts as the immediate support for the NZD/USD bears to watch during the fresh fall.

That said, lows marked during November 14 and 17 around 0.6060 appear the key for the pair sellers to track as a break of which won’t hesitate to challenge the 0.6000 psychological magnet.

Trend: Further upside expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6254 at the time of writing. Pair opened at 0.6181 and is trading with a change of 1.18% % .

The pair is trading below its 20 Daily moving average @ 0.6289, below its 50 Daily moving average @ 0.6341 , above its 100 Daily moving average @ 0.6198 and above its 200 Daily moving average @ 0.6182

The previous day high was 0.6208 while the previous day low was 0.6133. The daily 38.2% Fib levels comes at 0.6179, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6162, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.614, 0.6099, 0.6065
• Pivot resistance is noted at 0.6215, 0.6249, 0.6291

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