#NZDUSD @ 0.64565 struggles for clear directions at six-month high., @nehcap view: Pullback 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 struggles for clear directions at six-month high.
• Overbought RSI conditions, four-month-old horizontal resistance challenge bulls.
• Monthly support line, sustained trading beyond 200-DMA restrict bear’s entry.

The pair currently trades last at 0.64565.

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 support. Similarly, the daily 61.8% fib level is at 0.6401, expected to provide support.

NZD/USD remains sidelined around 0.6460 during Wednesday’s Asian session, after retreating from a six-month high before a few hours.

The quote rallied to the highest levels since June the previous day, and also posted the biggest daily gains in a fortnight, but failed to offer a daily closing beyond the key 0.6480 hurdle comprising tops marked in August, as well as during early December.

The pullback move also took clues from the overbought RSI conditions, suggesting further profit-booking on the road.

Though, an upward-sloping support line from early November, close to 0.6415 by the press time, puts a floor under the NZD/USD prices.

In a case where the Kiwi pair drops below 0.6415 support, a slump towards the November 29 peak of 0.6290 and then to the 200-DMA support of 0.6213 can’t be ruled out. However, a two-month-old ascending support line near 0.6190 could defend the bulls afterward.

On the flip side, a successful break of 0.6480 could propel the NZD/USD prices toward the tops marked in May and June, around 0.6568-75. Following that, a run-up towards March’s low near 0.6730 becomes more likely.

Overall, NZD/USD bulls stay in the driver’s seat but the pair’s further upside hinges on the 0.6480 breakout.

Trend: Pullback expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.646 at the time of writing. Pair opened at 0.6386 and is trading with a change of 1.16% % .

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 support. Similarly, the daily 61.8% fib level is at 0.6401, expected to provide support.

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