The NZDUSD pair, currently trading at 0.61729, is facing difficulty in continuing its reversal from a two-week high reached the previous day. It is fluctuating near the day’s low. @nehcap predicts a corrective rebound.

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• NZD/USD struggles to extend the previous day’s U-turn from a fortnight high, seesaws near intraday low of late.

The pair currently trades last at 0.61729.

The previous day high was 0.6208 while the previous day low was 0.6175. The daily 38.2% Fib levels comes at 0.6188, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6195, expected to provide resistance.

NZD/USD remains directionless at the intraday low surrounding 0.6170 during the mid-Asian session on Thursday. In doing so, the Kiwi pair struggles to extend the previous day’s losses, the first in four, while also reversing the pullback from the highest levels in two weeks.

The kiwi pair’s previous losses could be linked to a downside break of the one-week-old rising trend line, now immediate resistance around 0.6200, as well as bearish MACD signals. Adding strength to the downside bias could be the RSI (14) line’s U-turn from the overbought territory.

However, the resistance-turned-support stretched from early May, near 0.6165 by the press time, restricts the immediate downside of the NZD/USD pair.

Following that, a convergence of the 50-bar and 200-bar Exponential Moving Averages (EMAs), around 0.6150 at the latest, will be a tough nut to crack for the Kiwi bears.

Meanwhile, a corrective bounce past the immediate weekly resistance line, previous support near 0.6200, can propel the NZD/USD buyers to challenge the weekly high of around 0.6215.

Even so, the 61.8% Fibonacci retracement of the pair’s May month downside and the previous monthly peak, respectively near 0.6235 and 0.6250, could challenge the NZD/USD bulls before giving them control.

Trend: Corrective bounce expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6174 at the time of writing. Pair opened at 0.6179 and is trading with a change of -0.08% % .

The pair is trading above its 20 Daily moving average @ 0.6157, above its 50 Daily moving average @ 0.6169 , below its 100 Daily moving average @ 0.619 and above its 200 Daily moving average @ 0.6169

The previous day high was 0.6208 while the previous day low was 0.6175. The daily 38.2% Fib levels comes at 0.6188, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6195, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6167, 0.6154, 0.6134
• Pivot resistance is noted at 0.62, 0.622, 0.6233

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