#NZDUSD @ 0.63849 seesaws around intraday high, remains indecisive on a day., @nehcap view: Limited upside 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)]

• NZD/USD seesaws around intraday high, remains indecisive on a day.
• Convergence of 50-SMA, one-week-old ascending trend appears a tough nut crack for bears.
• Bulls need validation from 0.6420 to retake control.

The pair currently trades last at 0.63849.

The previous day high was 0.6423 while the previous day low was 0.6365. The daily 38.2% Fib levels comes at 0.6387, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6401, expected to provide resistance.

NZD/USD takes rounds to 0.6390 during early Tuesday as the Kiwi pair traders await more clues to extend the latest recovery from the key support confluence. In doing so, the quote highlights the market’s cautious mood ahead of the United States inflation numbers for November, namely the Consumer Price Index (CPI).

Although NZD/USD snapped a three-day uptrend the previous day, the bears couldn’t conquer a convergence of the 50-bar Simple Moving Average (SMA) and a one-week-old ascending support line, around 0.6370.

The pair’s rebound, however, battles with the bearish MACD signals to challenge the NZD/USD buyers. Also challenging the Kiwi pair’s upside momentum could be the downward-sloping resistance line from December 05, close to 0.6420 by the press time.

In a case where the NZD/USD remains firmer past 0.6420, the odds of witnessing a run-up to refresh the monthly high surrounding 0.6475-80 can’t be ruled out.

On the flip side, a clear break of the 0.6370 support confluence could quickly fetch the quote towards the previous weekly low near the 0.6300 round figure.

However, the 100-SMA and 61.8% Fibonacci retracement level of the NZD/USD pair’s November 28 to December 01 upside, respectively near 0.6290 and 0.6280, could challenge the bears afterward.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6389 at the time of writing. Pair opened at 0.6386 and is trading with a change of 0.05% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.6261, 50 SMA 0.5967, 100 SMA @ 0.6035 and 200 SMA @ 0.6278.

The previous day high was 0.6423 while the previous day low was 0.6365. The daily 38.2% Fib levels comes at 0.6387, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6401, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.636, 0.6334, 0.6303
• Pivot resistance is noted at 0.6418, 0.6449, 0.6475

[/s2If]
Join Our Telegram Group