#NZDUSD @ 0.63169 picks up bids to refresh multi-day high during three-day uptrend., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• NZD/USD picks up bids to refresh multi-day high during three-day uptrend.
• Clear upside break of 0.6300 resistance confluence directs bulls towards 61.8% Fibonacci retracement level.
• RBNZ is up for consecutive 11th rate hike but future guide will be crucial to watch for clear directions.

The pair currently trades last at 0.63169.

The previous day high was 0.6315 while the previous day low was 0.6259. The daily 38.2% Fib levels comes at 0.6294, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6281, expected to provide support.

NZD/USD marches to the highest levels since mid-February as the Kiwi pair traders await the Reserve Bank of New Zealand (RBNZ) monetary policy decision on early Wednesday. That said, the quote rises to 0.6323 by the press time.

It’s worth noting that the RBNZ is expected to announce the 11th consecutive rate hike, worth 0.25% this time, and can keep the NZD/USD buyers hopeful. However, the receding hawkish bias highlights the RBNZ Rate Statement as the key catalyst to watch for clear directions.

Also read: RBNZ Interest Rate Decision Preview: Hawkish guidance yet again?

In doing so, the major currency pair justifies the previous day’s upside break of the 100-DMA and a five-week-old ascending trend line, around 0.6300.

Not only the RBNZ rate hike and the NZD/USD breakout but the bullish MACD signals and upbeat RSI (14), not overbought, also favor the Kiwi pair buyers as they approach the 61.8% Fibonacci retracement level of its February-March fall, around 0.6365.

However, the quote’s further upside appears to have a bumpy road as multiple levels near 0.6400 and 0.6415-20 can test the bulls before directing them to the Year-To-Date high of around 0.6540, marked in February.

Alternatively, the 50% Fibonacci retracement level of 0.6310 and the aforementioned resistance-turned-support of 0.6300 restrict the short-term downside of the NZD/USD pair.

Following that, a one-month-old ascending support line, near 0.6230 by the press time, will gain the market’s attention.

Trend: Further upside expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.632 at the time of writing. Pair opened at 0.6313 and is trading with a change of 0.11% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.6219, 50 SMA 0.6271, 100 SMA @ 0.6298 and 200 SMA @ 0.6159.

The previous day high was 0.6315 while the previous day low was 0.6259. The daily 38.2% Fib levels comes at 0.6294, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6281, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6276, 0.624, 0.6221
• Pivot resistance is noted at 0.6332, 0.6352, 0.6388

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