#NZDUSD @ 0.62035 grinds higher around intraday top, stays firmer past the key supports., @nehcap view: Sideways (Pivot Orderbook analysis)

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• NZD/USD grinds higher around intraday top, stays firmer past the key supports.
• Upbeat MACD, RSI signals hint at the Kiwi pair’s further run-up.
• One-month-old horizontal resistance area challenges bulls; 200-DMA restricts immediate downside.

The pair currently trades last at 0.62035.

The previous day high was 0.6226 while the previous day low was 0.6172. The daily 38.2% Fib levels comes at 0.6193, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6205, expected to provide resistance.

NZD/USD seesaws around intraday high near 0.6210, up 0.40% on a day, as bulls cheer the previous day’s inability to conquer the 200-DMA support amid early Tuesday. In doing so, the Kiwi pair buyers also benefit from the upbeat oscillators while heading into a short-term key resistance.

A looming bullish cross on the MACD joins the RSI (14) rebound towards the 50 line to underpin the hopes of the NZD/USD pair’s further recovery.

However, a horizontal area comprising multiple levels marked since early February, near 0.6270-75, appears a tough nut to crack for the Kiwi pair buyers to cross for conviction.

Following that, a run-up towards the mid-February swing high near 0.6390, quickly followed by the 0.6400 threshold, can’t be ruled out.

On the flip side, the 200-DMA support level of 0.6165 restricts short-term declines of the NZD/USD pair.

Even if the Kiwi prices drop below 0.6165 DMA support, the previous resistance line from early February, near 0.6130 at the latest, could challenge the bears. It’s worth noting that the 0.6130 level also becomes important as it encompasses the previous monthly low.

Should the NZD/USD bears remains weak past 0.6130, the odds of witnessing a slump toward the mid-November 2022 low near 0.6060 can’t be ruled out.

Trend: Sideways

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6205 at the time of writing. Pair opened at 0.6189 and is trading with a change of 0.26% % .

The pair is trading below its 20 Daily moving average @ 0.6253, below its 50 Daily moving average @ 0.6336 , below its 100 Daily moving average @ 0.6223 and above its 200 Daily moving average @ 0.6176

The previous day high was 0.6226 while the previous day low was 0.6172. The daily 38.2% Fib levels comes at 0.6193, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6205, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6165, 0.6142, 0.6111
• Pivot resistance is noted at 0.6219, 0.625, 0.6273

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