#NZDUSD @ 0.62118 fades bounce off three-month low, holds lower ground of late., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

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• NZD/USD fades bounce off three-month low, holds lower ground of late.
• Bearish MACD signals join failure to cross the convergence of 100-SMA, one-month-old resistance line to lure sellers.
• Fortnight-long horizontal support area restricts immediate downside ahead of February’s low.

The pair currently trades last at 0.62118.

The previous day high was 0.6242 while the previous day low was 0.6192. The daily 38.2% Fib levels comes at 0.6223, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6211, expected to provide support.

NZD/USD remains depressed around 0.6210 as it pares the previous week’s gains, the first in five, heading into Monday’s European session.

In doing so, the Kiwi pair portrays the bear’s dominance between the key trading area between the 0.6245-50 resistance confluence and 0.6200-6190 support zone.

That said, the bearish MACD signals join the pair’s failure to cross the 0.6245-50 resistance confluence, including the 100-bar Simple Moving Average (SMA) and a one-month-long descending resistance line, to keep sellers hopeful.

However, multiple levels marked since late February could challenge the NZD/USD pair’s immediate downside around 0.6200-6190.

Should the quote remains weak past 0.6190, the odds of witnessing a quick drop to the previous monthly low of 0.6131 can’t be ruled out. Though, July 2022 low of 0.6060 and the 0.6000 psychological magnet could restrict the pair’s further downside.

Alternatively, a successful break of the 0.6250 hurdle becomes necessary to direct the NZD/USD buyers toward the 200-SMA hurdle of 0.6335.

Following that, the mid-February high surrounding 0.6390 and the 0.6400 round figure could become important to watch for the bulls.

Overall, NZD/USD is likely to grind lower and advocates further volatility.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6212 at the time of writing. Pair opened at 0.6225 and is trading with a change of -0.21% % .

The pair is trading below its 20 Daily moving average @ 0.6259, below its 50 Daily moving average @ 0.6338 , below its 100 Daily moving average @ 0.6217 and above its 200 Daily moving average @ 0.6178

The previous day high was 0.6242 while the previous day low was 0.6192. The daily 38.2% Fib levels comes at 0.6223, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6211, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6197, 0.617, 0.6147
• Pivot resistance is noted at 0.6247, 0.627, 0.6297

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