#NZDUSD @ 0.60936 NZDUSD struggles to extend the week-start pullback from a two-month high., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• NZDUSD struggles to extend the week-start pullback from a two-month high.
• The two-day-old symmetrical triangle, weekly support line restrict immediate moves.
• Oscillators favor bears but 0.6070 limited short-term declines.
• Monthly top, September’s high add to the upside filters.

The pair currently trades last at 0.60936.

The previous day high was 0.613 while the previous day low was 0.5985. The daily 38.2% Fib levels comes at 0.6074, expected to provide support. Similarly, the daily 61.8% fib level is at 0.604, expected to provide support.

NZDUSD struggles to keep bears on the board, after their fresh entry the previous day, as the quote seesaws near 0.6100 during Tuesday’s initial Asian session. In doing so, the Kiwi pair remains inside a symmetrical triangle formation established since the last Friday.

Given the bearish MACD signals and the downbeat RSI (14), not oversold, the NZDUSD bears are likely to keep the reins.

However, a clear downside break of the stated triangle’s support line around 0.6070 at the latest appears necessary. That said, the 50-HMA adds strength to the stated support levels.

Should the quote breaks the 0.6070 support confluence, the odds of witnessing a slump toward November 08 peak surrounding the 0.60000 psychological magnet can’t be ruled out.

However, an ascending trend line from November 03, close to 0.5890 by the press time, will challenge the NZDDUSD bears afterward.

Alternatively, an upside clearance of the triangle’s upper line, around 0.6120 at the latest, isn’t an open invitation to the NZDUSD bulls as the monthly high could probe the upside momentum around 0.6130.

Additionally, tops marked in September around 0.6165 also challenge the pair’s north-run.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6098 at the time of writing. Pair opened at 0.612 and is trading with a change of -0.36% % .

The pair is trading above its 20 Daily moving average @ 0.5816, above its 50 Daily moving average @ 0.5818 , above its 100 Daily moving average @ 0.6023 and below its 200 Daily moving average @ 0.6325

The previous day high was 0.613 while the previous day low was 0.5985. The daily 38.2% Fib levels comes at 0.6074, expected to provide support. Similarly, the daily 61.8% fib level is at 0.604, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6026, 0.5933, 0.5881
• Pivot resistance is noted at 0.6171, 0.6223, 0.6317

[/s2If]
Join Our Telegram Group