#NZDUSD @ 0.63069 bears are in play towards the close on Wall Street. (Pivot Orderbook analysis)

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• NZD/USD bears are in play towards the close on Wall Street.
• US Dollar remains bid in a corrective phase on Fed sentiment.

The pair currently trades last at 0.63069.

The previous day high was 0.6363 while the previous day low was 0.6272. The daily 38.2% Fib levels comes at 0.6328, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6307, expected to provide resistance.

NZD/USD recovered from one-month lows this week but failed to put in a fresh high on Wednesday, with the pair travelling between a low of 0.6296 and a high of 0.6348. The markets took a dovish view on comments from U.S. Federal Reserve Chairman Jerome Powell on Tuesday that helped to lift the commodity currencies despite Friday’s strong US Nonfarm Payrolls jobs data.

Overall, however, on the day, both the Kiwi and the US dollar index, DXY, are little changed with it being a calendar void of catalysts besides Federal Reserve speakers who continued to emphasise the need for monetary policy settings to remain restrictive.

Fed’s John Williams reinforced that interest rates were “barely into restrictive territory”, and rates would need to stay at a restrictive level “for a few years to make sure we get inflation to 2%”. Fed’s Lisa Cook argued that they “need restrictive policy for some time to cool prices”. Fed’s Neel Kashkari emphasised that the “services side of the economy is still hot”, noting the lack of progress on core services inflation ex-housing. As a consequence, the US Dollar was able to run higher in the US session, sinking all ships, including NZD/USD that continues to bleed into the cash close on Wall Street.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6305 at the time of writing. Pair opened at 0.6321 and is trading with a change of -0.25 % .

The pair is trading below its 20 Daily moving average @ 0.6428, below its 50 Daily moving average @ 0.6375 , above its 100 Daily moving average @ 0.6114 and above its 200 Daily moving average @ 0.6189

The previous day high was 0.6363 while the previous day low was 0.6272. The daily 38.2% Fib levels comes at 0.6328, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6307, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6274, 0.6228, 0.6183
• Pivot resistance is noted at 0.6365, 0.641, 0.6456

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