#NZDUSD @ 0.57107 refreshes intraday high, bounces off the short-term key DMA confluence., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• NZD/USD refreshes intraday high, bounces off the short-term key DMA confluence.
• Bullish MACD signals, firmer RSI direct buyers toward a two-month-old resistance line.
• Weekly support line adds to the downside filters, monthly top also challenges bulls.

The pair currently trades last at 0.57107.

The previous day high was 0.5793 while the previous day low was 0.5657. The daily 38.2% Fib levels comes at 0.5709, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5741, expected to provide resistance.

NZD/USD renews upside momentum targeting the key resistance line that defeated bulls the previous day.

In doing so, the Kiwi pair refreshes intraday high around 0.5715 while bouncing off the 21-DMA and 10-DMA confluence to aim for the descending trend line resistance from August 12, around 0.5745 at the latest.

Given the bullish MACD signals and the firmer RSI (14), not overbought, the buyers are all set to cross the immediate hurdle surrounding the mid-0.5700s.

However, the 0.5800 round figure and the monthly top around 0.5815 could act as extra upside filters to challenge the NZD/USD bulls before giving them control.

In that case, the 0.6000 psychological magnet and the previous monthly top of 0.6162 could gain the market’s attention.

Meanwhile, pullback moves remain elusive unless the quote stays beyond the aforementioned DMA confluence of 0.5660-65.

Also challenging the NZD/USD bears is an upward-sloping support line from October 13, close to 0.5630.

Should the pair sellers break the 0.5630 support, the odds of witnessing a fresh 2022 low, currently around 0.5510, can’t be ruled out.

Overall, NZD/USD is up for challenging the two-month-old bearish trend but the road to the north a bumpy and long.

Trend: Further upside expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.5711 at the time of writing. Pair opened at 0.5681 and is trading with a change of 0.53% % .

The pair is trading above its 20 Daily moving average @ 0.5663, below its 50 Daily moving average @ 0.5906 , below its 100 Daily moving average @ 0.6088 and below its 200 Daily moving average @ 0.6381

The previous day high was 0.5793 while the previous day low was 0.5657. The daily 38.2% Fib levels comes at 0.5709, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5741, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.5628, 0.5575, 0.5492
• Pivot resistance is noted at 0.5764, 0.5846, 0.5899

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