#NZDUSD @ 0.62930 picks up bids reverse the previous day’s pullback from one-month high., @nehcap view: Further upside expected (Pivot Orderbook analysis)
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- NZD/USD picks up bids reverse the previous day’s pullback from one-month high.
- Bullish oscillators, sustained break of 100-DMA favor Kiwi pair buyers.
- Descending resistance line from February appears the key upside hurdle.
- One-week-old upward-sloping trend line adds to the downside filters.
The pair currently trades last at 0.62930.
The previous day high was 0.6316 while the previous day low was 0.6263. The daily 38.2% Fib levels comes at 0.6284, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6296, expected to provide resistance.
NZD/USD rises half a percent to lead the G10 currency pair gainers during early Monday. That said, the Kiwi pair buyers poke the 0.6300 round figure while reversing Friday’s U-turn from the highest levels since early April.
The quote’s strength could be linked to a successful upside break of the 100-DMA, as well as bullish MACD signals and an upbeat but not overbought RSI (14) line.
With this, the NZD/USD bulls are all set to prod a downward-sloping resistance line from February close to 0.6320 by the press time.
Following that, the pair buyers can aim for the 61.8% Fibonacci retracement level of its February-March downside, near 0.6365.
However, a three-month-old horizontal resistance area surrounding 0.6385-90, quickly followed by the 0.6400 round figure, could challenge the NZD/USD bulls afterward.
On the contrary, a daily closing below the 100-DMA level of around 0.6275 isn’t a welcome sign for the NZD/USD bears as a one-week-long ascending trend line joins the 38.2% Fibonacci retracement level to limit the pair’s short-term downside near 0.6260.
In a case where the NZD/USD pair drops below 0.6260, the odds of witnessing a quick fall toward the 0.6200 round figure can’t be ruled out.
Trend: Further upside expected
Technical Levels: Supports and Resistances
NZDUSD currently trading at 0.63 at the time of writing. Pair opened at 0.6275 and is trading with a change of 0.40% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.63 |
| 1 | Today Daily Change | 0.0025 |
| 2 | Today Daily Change % | 0.40% |
| 3 | Today daily open | 0.6275 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.6197, 50 SMA 0.621, 100 SMA @ 0.6279 and 200 SMA @ 0.616.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.6197 |
| 1 | Daily SMA50 | 0.6210 |
| 2 | Daily SMA100 | 0.6279 |
| 3 | Daily SMA200 | 0.6160 |
The previous day high was 0.6316 while the previous day low was 0.6263. The daily 38.2% Fib levels comes at 0.6284, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6296, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.6253, 0.6232, 0.62
- Pivot resistance is noted at 0.6306, 0.6338, 0.6359
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.6316 |
| Previous Daily Low | 0.6263 |
| Previous Weekly High | 0.6316 |
| Previous Weekly Low | 0.6160 |
| Previous Monthly High | 0.6389 |
| Previous Monthly Low | 0.6111 |
| Daily Fibonacci 38.2% | 0.6284 |
| Daily Fibonacci 61.8% | 0.6296 |
| Daily Pivot Point S1 | 0.6253 |
| Daily Pivot Point S2 | 0.6232 |
| Daily Pivot Point S3 | 0.6200 |
| Daily Pivot Point R1 | 0.6306 |
| Daily Pivot Point R2 | 0.6338 |
| Daily Pivot Point R3 | 0.6359 |
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