#NZDUSD @ 0.63240 extends late Thursday’s pullback from weekly high inside bearish chart pattern., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• NZD/USD extends late Thursday’s pullback from weekly high inside bearish chart pattern.
• RSI, MACD conditions suggest buyers are running out of steam while pullback from 200-SMA strengthens downside bias.
• Late January’s swing low adds to the upside filters before welcoming Kiwi buyers.

The pair currently trades last at 0.63240.

The previous day high was 0.6349 while the previous day low was 0.6296. The daily 38.2% Fib levels comes at 0.6316, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6329, expected to provide resistance.

NZD/USD teases sellers inside a bearish formation as it drops to 0.6320 during the early hours of Friday morning in New Zealand. In doing so, the Kiwi pair extends the late Thursday pullback from the one-week high.

In addition to the weekly bear flag chart pattern, the quote’s inability to cross the 200-SMA also teases the sellers. Furthermore, the receding strength of the bullish MACD signals and the sluggish rise in the RSI adds strength to the downside bias.

However, a clear downside break of the stated flag’s lower line, close to 0.6315 by the press time, becomes necessary to trigger a theoretical fall towards the mid-November 2022 low surrounding 0.6065.

That said, monthly lows marked so far during 2023, around 0.6270 and 0.6190, could offer intermediate halts during the anticipated slump between 0.6315 and 0.6065.

Alternatively, the 50% Fibonacci retracement level of the NZD/USD pair’s January-February upside, near 0.6365, could act as an immediate resistance to watch during the recovery.

Following that, the 200-SMA and the stated flag’s top line, respectively near 0.6385 and the 0.6400 threshold, will be crucial to watch as they hold the keys to the NZD/USD bull’s entry.

Trend: Further downside expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6323 at the time of writing. Pair opened at 0.6307 and is trading with a change of 0.25% % .

The pair is trading below its 20 Daily moving average @ 0.6425, below its 50 Daily moving average @ 0.6376 , above its 100 Daily moving average @ 0.6119 and above its 200 Daily moving average @ 0.6189

The previous day high was 0.6349 while the previous day low was 0.6296. The daily 38.2% Fib levels comes at 0.6316, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6329, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6286, 0.6265, 0.6233
• Pivot resistance is noted at 0.6338, 0.637, 0.6391

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