#NZDUSD @ 0.63099 stays pressured towards short-term key support after unimpressive weekly close., @nehcap view: Further downside 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 stays pressured towards short-term key support after unimpressive weekly close.
• Sustained U-turn from 200-SMA, looming bear cross on MACD favor sellers.
• Late January low holds the key to the bear’s defeat.

The pair currently trades last at 0.63099.

The previous day high was 0.6347 while the previous day low was 0.6298. The daily 38.2% Fib levels comes at 0.6317, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6328, expected to provide resistance.

NZD/USD holds lower grounds as sellers attack the 0.6300 round figure during Monday’s Asian session, following a lackluster weekly closing.

The Kiwi pair’s weakness could be seen in its inability to cross the 200-bar Simple Moving Average (SMA), as well as a clear downside break of the 61.8% Fibonacci retracement of its January-February upside, near 0.6325 by the press time.

Furthermore, a looming bear cross on the MACD adds strength to the downside bias about NZD/USD.

However, a clear break of the five-week-old ascending trend line, around 0.6285 by the press time, becomes necessary for the NZD/USD bear’s conviction.

Following that, the monthly low near 0.6270 and the previous monthly bottom of 0.6190 will be in focus.

On the flip side, the 61.8% and 50% Fibonacci retracement levels, respectively near 0.6325 and 0.6365, restrict short-term NZD/USD recovery ahead of the 200-SMA level surrounding 0.6390.

Should the Kiwi pair remains firmer past 0.6390, the 0.6400 round figure and the January 31 swing low, near 0.6415, will be crucial for the NZD/USD buyers to regain control.

Overall, NZD/USD is firmly on the bear’s radar but a trigger is important to activate the downside bias, which in turn highlights the aforementioned support line.

Trend: Further downside expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6306 at the time of writing. Pair opened at 0.6309 and is trading with a change of -0.05% % .

The pair is trading below its 20 Daily moving average @ 0.6418, below its 50 Daily moving average @ 0.6373 , above its 100 Daily moving average @ 0.6129 and above its 200 Daily moving average @ 0.6187

The previous day high was 0.6347 while the previous day low was 0.6298. The daily 38.2% Fib levels comes at 0.6317, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6328, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6289, 0.6269, 0.624
• Pivot resistance is noted at 0.6338, 0.6367, 0.6387

[/s2If]
Join Our Telegram Group