#NZDUSD @ 0.61385 remains under some selling pressure for the second straight day. (Pivot Orderbook analysis)
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- NZD/USD remains under some selling pressure for the second straight day.
- The downside seems cushioned amid the emergence of fresh USD selling.
- The upbeat US data fails to impress the USD bulls or provide any impetus.
The pair currently trades last at 0.61385.
The previous day high was 0.6189 while the previous day low was 0.6132. The daily 38.2% Fib levels comes at 0.6154, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6167, expected to provide resistance.
The NZD/USD pair drifts lower for the second straight day on Wednesday and drops to its lowest level since March 10 during the early North American session. The pair, meanwhile, react little to the upbeat US macro data and bounces to the 0.6135-0.6140 region in the last hour amid the emergence of fresh US Dollar (USD) selling.
In fact, the USD Index, which tracks the Greenback against a basket of currencies, erases a major part of the overnight gains and turns out to be a key factor lending some support to the NZD/USD pair. A slight improvement in the global risk sentiment – as depicted by a goodish recovery in the US equity markets – is seen as a key factor weighing on the safe-haven buck. The USD bulls fail to gain any respite following the better-than-expected release of US Durable Goods Orders and a modest uptick in the US Treasury bond yields.
fresh concerns about the regional banking sector crisis in the US, along with the possibility of an imminent recession and worries about the US debt ceiling, have been fueling speculations that the Federal Reserve (Fed) will cut interest rates later this year. The Fed, however, is still expected to hike interest rates by 25 bps in May, which, along with fears about economic headwinds stemming from rising borrowing costs could help limit the downside for the USD. This, in turn, is seen as a key factor exerting pressure on the NZD/USD pair.
Bearish traders, meanwhile, might wait for a sustained break through the 0.6100 mark and some follow-through selling below the YTD low, around the 0.6085 region touched in March before placing fresh bets. The focus now shifts to the release of the US Q1 GDP report on Thursday and the US Core PCE Price Index – the Fed’s preferred inflation gauge on Friday. This will play a key role in influencing the near-term USD price dynamics and help investors to determine the next leg of a directional move for the NZD/USD pair.
Technical Levels: Supports and Resistances
NZDUSD currently trading at 0.6131 at the time of writing. Pair opened at 0.6138 and is trading with a change of -0.11 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.6131 |
| 1 | Today Daily Change | -0.0007 |
| 2 | Today Daily Change % | -0.1100 |
| 3 | Today daily open | 0.6138 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6227, 50 SMA 0.6215, 100 SMA @ 0.6295 and 200 SMA @ 0.6162.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.6227 |
| 1 | Daily SMA50 | 0.6215 |
| 2 | Daily SMA100 | 0.6295 |
| 3 | Daily SMA200 | 0.6162 |
The previous day high was 0.6189 while the previous day low was 0.6132. The daily 38.2% Fib levels comes at 0.6154, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6167, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.6117, 0.6096, 0.606
- Pivot resistance is noted at 0.6174, 0.621, 0.6231
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.6189 |
| Previous Daily Low | 0.6132 |
| Previous Weekly High | 0.6227 |
| Previous Weekly Low | 0.6126 |
| Previous Monthly High | 0.6298 |
| Previous Monthly Low | 0.6084 |
| Daily Fibonacci 38.2% | 0.6154 |
| Daily Fibonacci 61.8% | 0.6167 |
| Daily Pivot Point S1 | 0.6117 |
| Daily Pivot Point S2 | 0.6096 |
| Daily Pivot Point S3 | 0.6060 |
| Daily Pivot Point R1 | 0.6174 |
| Daily Pivot Point R2 | 0.6210 |
| Daily Pivot Point R3 | 0.6231 |
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