#NZDUSD @ 0.62004 struggles for clear directions after welcoming bears the previous day., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• NZD/USD struggles for clear directions after welcoming bears the previous day.
• Business NZ PSI eased, Food Price Index improved in March.
• Sustained U-turn from 100-DMA, clear break of six-month-old ascending support keeps Kiwi sellers hopeful.
• Buyers need validation from 0.6390 to retake control.

The pair currently trades last at 0.62004.

The previous day high was 0.6315 while the previous day low was 0.6195. The daily 38.2% Fib levels comes at 0.6241, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6269, expected to provide resistance.

NZD/USD stays sluggish around the 0.6200 round figure amid early Monday, after posting the biggest daily loss in 10 weeks the previous day. Even so, the Kiwi pair remains on the bear’s radar after New Zealand’s (NZ) clues for this week’s key inflation data flashed mixed signals.

That said, Business NZ PSI dropped to 54.4 for March versus 55.8 prior while the Food Price Index rose past marked forecasts of 0.4% to 0.8%, compared to 1.5% previous readings.

It’s worth noting that the NZD/USD pair’s clear U-turn from the 100-DMA, as well as a downside break of an ascending trend line from early October 2022, add strength to the bearish bias about the Kiwi pair, especially amid steady RSI (14) line.

With this, the quote appears all set to revisit the 200-DMA support of near 0.6160 before challenging the previous monthly low, as well as the yearly bottom, surrounding 0.6080. During the anticipated fall, the 0.6100 round figure may act as an intermediate halt.

Meanwhile, recovery moves need validation from the multi-day-old previous support line, now immediate resistance around 0.6230.

Following that, the 100-DMA and a nine-week-long horizontal resistance area, respectively near 0.6300 and 0.6390, quickly followed by the 0.6400 round figure, could challenge the NZD/USD bulls before giving them control.

Trend: Further downside expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6202 at the time of writing. Pair opened at 0.6205 and is trading with a change of -0.05% % .

The pair is trading below its 20 Daily moving average @ 0.6245, below its 50 Daily moving average @ 0.6237 , below its 100 Daily moving average @ 0.6303 and above its 200 Daily moving average @ 0.6161

The previous day high was 0.6315 while the previous day low was 0.6195. The daily 38.2% Fib levels comes at 0.6241, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6269, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6162, 0.6118, 0.6042
• Pivot resistance is noted at 0.6282, 0.6358, 0.6402

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