#NZDUSD @ 0.62446 picks up bids to extend week-start rebound from short-term support line., @nehcap view: Further recovery expected (Pivot Orderbook analysis)

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• NZD/USD picks up bids to extend week-start rebound from short-term support line.
• MACD conditions, 200-day EMA prod Kiwi pair buyers.
• 23.6% Fibonacci retracement level adds strength to 0.6190 immediate support.

The pair currently trades last at 0.62446.

The previous day high was 0.6311 while the previous day low was 0.6182. The daily 38.2% Fib levels comes at 0.6231, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6262, expected to provide resistance.

NZD/USD renews intraday high around 0.6250 to stretch the previous day’s recovery amid early Tuesday’s Asian session. In doing so, the Kiwi pair cheers the US Dollar weakness ahead of China’s Retail Sales and Industrial Production for April, as well as the US Retail Sales for the said month. Also important are the US debt ceiling talks, scheduled for 19:00 GMT on Tuesday.

Also read: NZD/USD bulls in the market and eye a firm correction

However, the impending bear cross on the MACD and the 200-day Exponential Moving Average (EMA) challenges the NZD/USD pair’s immediate upside near 0.6255.

Following that, the 50% and 61.8% Fibonacci retracement of the Kiwi pair’s February-March fall, respectively near 0.6310 and 0.6365, will challenge the pair buyers.

Even if the NZD/USD bulls manage to cross the 0.6365 hurdle, a horizontal area comprising multiple hurdles marked since early February, near 0.6385-95, will be a tough nut to crack for them.

On the flip side, a convergence of an upward-sloping trend line from April 26 and 23.6% Fibonacci retracement highlights the 0.6190 as short-term key support.

Should the NZD/USD bears keep the reins past 0.6190, the previous monthly low of around 0.6110 may offer an intermediate halt before directing the bears toward the yearly bottom marked in March around 0.6085.

Trend: Further recovery expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6246 at the time of writing. Pair opened at 0.6195 and is trading with a change of 0.82% % .

The pair is trading above its 20 Daily moving average @ 0.6217, above its 50 Daily moving average @ 0.622 , below its 100 Daily moving average @ 0.6279 and above its 200 Daily moving average @ 0.6161

The previous day high was 0.6311 while the previous day low was 0.6182. The daily 38.2% Fib levels comes at 0.6231, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6262, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6148, 0.61, 0.6018
• Pivot resistance is noted at 0.6277, 0.6358, 0.6406

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