#NZDUSD @ 0.62444 Kiwi trims losses versus US Dollar as DXY retreats. (Pivot Orderbook analysis)

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• Kiwi trims losses versus US Dollar as DXY retreats.
• Wall Street turns negative after first minutes of trading.
• NZD/USD off lows, moving without clear direction.

The pair currently trades last at 0.62444.

The previous day high was 0.6356 while the previous day low was 0.6309. The daily 38.2% Fib levels comes at 0.6327, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6338, expected to provide resistance.

The NZD/USD rebounded after hitting the lowest level since late November at 0.6199, climbing to 0.6285. The rebound lost strength as US markets turned negative after the initial half-hour of regular trading on Wall Street.

The Kiwi is still in negative for the day versus the Dollar, down 50 pips. The NZD/USD is attempting to recover 0.6250/60, a key technical level. If it is unable to do, the bearish pressure could return. Support levels are seen at 0.6230 and then 0.6200.

On the contrary, if NZD/USD consolidates above 0.6280, it would set the attention on the next resistance seen around 0.6310.

The greenback lost momentum but so far it has not shown a conviction of a reversal. The decline so far looks like a correction and it could resume the upside, particularly if US equity prices remain in red. The DXY is up by 0.85%, off highs at 104.40. Earlier it reached at 104.85, the highest level since December 20.

Economic data from the US showed the S&P Global Manufacturing Index at 46.2 in December, unchanged from the flash reading. Construction spending rose in November by 0.2% against expectations of a 0.4% slide. On Wednesday, the ISM manufacturing is due and the Federal Reserve will publish the minutes of the latest FOMC meeting.

The GDT Price Index dropped by 2.8% versus market expectations of a 0.6% increase from the latest December auction.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6258 at the time of writing. Pair opened at 0.6326 and is trading with a change of -1.07 % .

The pair is trading below its 20 Daily moving average @ 0.6347, above its 50 Daily moving average @ 0.6173 , above its 100 Daily moving average @ 0.604 and above its 200 Daily moving average @ 0.6238

The previous day high was 0.6356 while the previous day low was 0.6309. The daily 38.2% Fib levels comes at 0.6327, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6338, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6305, 0.6283, 0.6258
• Pivot resistance is noted at 0.6352, 0.6377, 0.6399

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