#NZDUSD @ 0.62066 bears are lurking in a key resistance zone. (Pivot Orderbook analysis)
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- NZD/USD bears are lurking in a key resistance zone.
- All eyes turn to the NZ jobs data today.
The pair currently trades last at 0.62066.
The previous day high was 0.6201 while the previous day low was 0.616. The daily 38.2% Fib levels comes at 0.6176, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6185, expected to provide support.
NZD/USD is pressured to the upside as we head towards the main events this week, starting today, Wednesday. On Tuesday, the pair rallied to 0.6218, and is now meeting resistance. The pair was up 0.68% into the close in Wall Street and had moved up from a low of 0.6163.
´´The Kiwi was one of the better performers overnight, having extended or held up on most crosses. It even clawed back losses against the AUD in the wake of the surprise RBA hike yesterday, which was an initial catalyst for Antipodean currency strength,´´ analysts at ANZ Bank said.
´´Volatility is picking up as US regional bank wobbles deepen, with markets split as to implications for monetary policy (and the Fed decision due at 6am tomorrow). But today is all about local labour market data, and our picks for the various readings are on the stronger side,´´ the analysts added.
´´Labour market data is lagging, and so are often dismissed late-cycle, but the data are notoriously hard to pick and it’ll ultimately come down to how strong the data really are.´´
The M-formation on the weekly chart is compelling. The bears could be lurking around the neckline resistance and while on the front side of the trendline resistance, the bias is bearish.
Technical Levels: Supports and Resistances
NZDUSD currently trading at 0.6209 at the time of writing. Pair opened at 0.6166 and is trading with a change of 0.7 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.6209 |
| 1 | Today Daily Change | 0.0043 |
| 2 | Today Daily Change % | 0.7000 |
| 3 | Today daily open | 0.6166 |
The pair is trading above its 20 Daily moving average @ 0.6204, above its 50 Daily moving average @ 0.6207 , below its 100 Daily moving average @ 0.6285 and above its 200 Daily moving average @ 0.616
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.6204 |
| 1 | Daily SMA50 | 0.6207 |
| 2 | Daily SMA100 | 0.6285 |
| 3 | Daily SMA200 | 0.6160 |
The previous day high was 0.6201 while the previous day low was 0.616. The daily 38.2% Fib levels comes at 0.6176, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6185, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.615, 0.6135, 0.6109
- Pivot resistance is noted at 0.6191, 0.6217, 0.6232
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.6201 |
| Previous Daily Low | 0.6160 |
| Previous Weekly High | 0.6189 |
| Previous Weekly Low | 0.6111 |
| Previous Monthly High | 0.6389 |
| Previous Monthly Low | 0.6111 |
| Daily Fibonacci 38.2% | 0.6176 |
| Daily Fibonacci 61.8% | 0.6185 |
| Daily Pivot Point S1 | 0.6150 |
| Daily Pivot Point S2 | 0.6135 |
| Daily Pivot Point S3 | 0.6109 |
| Daily Pivot Point R1 | 0.6191 |
| Daily Pivot Point R2 | 0.6217 |
| Daily Pivot Point R3 | 0.6232 |
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