#NZDUSD @ 0.62418 bears are testing key support. (Pivot Orderbook analysis)
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- NZD/USD bears are testing key support.
- RBNZ is the focus with rate rises on the way.
The pair currently trades last at 0.62418.
The previous day high was 0.6293 while the previous day low was 0.6262. The daily 38.2% Fib levels comes at 0.6281, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6274, expected to provide resistance.
NZD/USD is trading around 0.6240 in a phase of consolidation but under pressure. Global equities slid on Tuesday as talks over the US debt ceiling continued without resolution. We also have yields on one-month US Treasury bills running into a record high. Rising yields and a stronger US Dollar pressured the high beta NZD.
´´The Kiwi is lower this morning, having followed equities down overnight, with newswires attributing the equity rout to a lack of progress on the US debt ceiling and the US Treasury asking agencies if they have capacity to delay payments (demonstrating how down to the wire it is),´´ analysts at ANZ Bank explained.
´´The US does benefit from safe-haven buying in such instances, and that makes sense, recalling that other than the NZD, no other currency has a higher cash rate. So, expect volatility as this issue percolates, the analysts added.
´´Today is of course all about the RBNZ. We expect a 25bp hike but wouldn’t at all be surprised to see 50bp. But what we think matters most given the focus on carry is where the OCR peaks in the RBNZ’s projections. Anything with a 6-handle is likely to be NZD-supportive, global issues notwithstanding,´´ the analysts explained.
Technical Levels: Supports and Resistances
NZDUSD currently trading at 0.6248 at the time of writing. Pair opened at 0.6287 and is trading with a change of -0.62 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.6248 |
| 1 | Today Daily Change | -0.0039 |
| 2 | Today Daily Change % | -0.6200 |
| 3 | Today daily open | 0.6287 |
The pair is trading above its 20 Daily moving average @ 0.6232, above its 50 Daily moving average @ 0.623 , below its 100 Daily moving average @ 0.6273 and above its 200 Daily moving average @ 0.6156
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.6232 |
| 1 | Daily SMA50 | 0.6230 |
| 2 | Daily SMA100 | 0.6273 |
| 3 | Daily SMA200 | 0.6156 |
The previous day high was 0.6293 while the previous day low was 0.6262. The daily 38.2% Fib levels comes at 0.6281, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6274, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.6268, 0.625, 0.6237
- Pivot resistance is noted at 0.6299, 0.6312, 0.633
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.6293 |
| Previous Daily Low | 0.6262 |
| Previous Weekly High | 0.6306 |
| Previous Weekly Low | 0.6117 |
| Previous Monthly High | 0.6389 |
| Previous Monthly Low | 0.6111 |
| Daily Fibonacci 38.2% | 0.6281 |
| Daily Fibonacci 61.8% | 0.6274 |
| Daily Pivot Point S1 | 0.6268 |
| Daily Pivot Point S2 | 0.6250 |
| Daily Pivot Point S3 | 0.6237 |
| Daily Pivot Point R1 | 0.6299 |
| Daily Pivot Point R2 | 0.6312 |
| Daily Pivot Point R3 | 0.6330 |
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