#NZDUSD @ 0.57262 bulls have moved in as the US dollar sells off into month end. (Pivot Orderbook analysis)

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• NZD/USD bulls have moved in as the US dollar sells off into month end.
• The greenback and US yields were underwater on Wednesday and the high beta currencies took off.

The pair currently trades last at 0.57262.

The previous day high was 0.5722 while the previous day low was 0.5624. The daily 38.2% Fib levels comes at 0.5685, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5662, expected to provide support.

NZD/USD rallied on Wednesday following a strong sell-off in the US dollar as the month-end approaches. NZD/USD rallied by some 1.8% from a low of 0.5564 to a high of 0.5733 the high.

This came on the back of the US dollar index melting through a cascade of market orders across the major currency complex from 114.778 to as low as 112.561 in a matter of half a day of trade between the late London session and New York opening hours.

”The Kiwi is back above 0.57 this morning, having regained a touch of composure alongside a plethora other risk assets in the wake of the Bank of England’s decision to “temporarily” buy bonds and to delay plans for QT,” analysts at ANZ Bank explained:

”It’s all a bit of a mess and very contradictory, and how long the calm/fresh optimism lasts remains to be seen. For one, this re-stimulation will lift, not quell UK inflation, and that’s bad for bonds and sterling. Prior to that, the US White House had said that it isn’t in favor of a new Plaza Accord-type deal to cap the USD’s strength. Those looking to politicians to end the dollar’s reign may be looking in the wrong place.”

”Amid opposing short and long-term influences, we think it pays to keep a very open mind, brace for volatility, and manage risk carefully,” the analysts added.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.5732 at the time of writing. Pair opened at 0.5705 and is trading with a change of 0.47 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.597, 50 SMA 0.6148, 100 SMA @ 0.6231 and 200 SMA @ 0.649.

The previous day high was 0.5722 while the previous day low was 0.5624. The daily 38.2% Fib levels comes at 0.5685, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5662, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.5645, 0.5585, 0.5547
• Pivot resistance is noted at 0.5744, 0.5782, 0.5842

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