#NZDUSD @ 0.60610 remains pressured after reversing from one-week high, sidelined amid NZ holiday., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• NZD/USD remains pressured after reversing from one-week high, sidelined amid NZ holiday.
• Failure to extend corrective bounce off seven-month low keeps Kiwi bears hopeful.
• RSI, MACD conditions prod further downside but 10-DMA, previous support line restricts buyers from taking control.

The pair currently trades last at 0.60610.

The previous day high was 0.6112 while the previous day low was 0.6055. The daily 38.2% Fib levels comes at 0.6077, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.609, expected to provide resistance.

NZD/USD fades bounce off the lowest levels in seven months, keeping the previous day’s retreat, as it holds lower grounds near 0.6060 amid early Monday morning in Asia. In doing so, the Kiwi pair portrays the quote’s inability to defend the previous week’s corrective bounce off the multi-day low amid failure to cross the key support-turned-resistance line and the 10-DMA.

Apart from the 10-DMA and the previous support line stretched from November 2022, respectively near 0.6060 and 0.6110, the absence of New Zealand (NZ) traders due to the holidays in Auckland also allow the Kiwi pair to continue extending the previous losses.

However, the nearly oversold RSI (14) line and the looming bull cross on the MACD allow the NZD/USD to pare previous losses in a case where the quote manages to stay firmer past the aforementioned key resistances, namely near 0.6060 and 0.6110.

In a case where the NZD/USD price remains firmer past 0.6110, the odds of witnessing a run-up towards the mid-May swing low, around 0.6185, can’t be ruled out.

Following that, the May 19 peak of around 0.6310 could entertain the Kiwi pair buyers before directing them to a four-month-old horizontal resistance area surrounding 0.6390.

On the contrary, pullback moves may initially aim for the 50% Fibonacci retracement level of its October 2022 to February 2023 upside, near 0.6025, before challenging the 0.6000 round figure.

It’s worth observing that the NZD/USD downside past the 0.6000 support needs to remain below the latest swing low of around 0.5985 to keep the bears on board.

Trend: Further downside expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6057 at the time of writing. Pair opened at 0.6061 and is trading with a change of -0.07% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6181, 50 SMA 0.6204, 100 SMA @ 0.625 and 200 SMA @ 0.615.

The previous day high was 0.6112 while the previous day low was 0.6055. The daily 38.2% Fib levels comes at 0.6077, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.609, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.604, 0.6019, 0.5983
• Pivot resistance is noted at 0.6097, 0.6133, 0.6154

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