#NZDUSD @ 0.60759 has attempted a recovery move after correcting to near 0.6070. (Pivot Orderbook analysis)

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• NZD/USD has attempted a recovery move after correcting to near 0.6070.
• The street is in a tug of war between weak US economic activities and bumper employee additions in the labor market.
• NZD/USD is forming an Inverted Head and Shoulder chart pattern whose breakout propels a bullish reversal.

The pair currently trades last at 0.60759.

The previous day high was 0.6086 while the previous day low was 0.6041. The daily 38.2% Fib levels comes at 0.6069, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6058, expected to provide support.

The NZD/USD pair has attempted a recovery move after correcting to near 0.6070 in the London session. The Kiwi asset is expected to show volatile moves amid an absence of critical triggers.

The US Dollar Index (DXY) has extended its solid recovery to near 104.20 despite the street is mixed about interest rate policy by the Federal Reserve (Fed) for June’s meeting. The street is in a tug of war between weak economic activities and bumper employee additions in the labor market.

Meanwhile, world’s second largest economy has asked its biggest banks to slash down deposit rates in order to boost the economic prospects. Higher liquidity flush into the economy would allow firms to utilize their full capacity. It is worth noting that New Zealand is one of the leading trading partners of China and higher factor and service activities in China will support the New Zealand Dollar.

NZD/USD is forming an Inverted Head and Shoulder chart pattern on an hourly scale, which indicates a prolonged consolidation, and a breakout of the same results in a bullish reversal. The neckline of the aforementioned chart pattern is plotted from May 25 high at 0.6110.

The 20-period Exponential Moving Average (EMA) at 0.6076 is providing cushion to the Kiwi bulls.

Meanwhile, the Relative Strength Index (RSI) (14) is making efforts for shifting into the bullish range of 60.00-80.00. An occurrence of the same will trigger an upside momentum.

A confident break above May 25 high at 0.6110 will drive the Kiwi asset toward May 01 low at 0.6160 followed by the round-level resistance at 0.6200.

Alternatively, a downside move below the intraday low at 0.6015 will expose the asset for a fresh six-month low toward 11 November 2022 low at 0.5984. A slippage below the latter would expose the asset toward 02 November 2022 high at 0.5941.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6078 at the time of writing. Pair opened at 0.6069 and is trading with a change of 0.15 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6167, 50 SMA 0.6201, 100 SMA @ 0.6247 and 200 SMA @ 0.6149.

The previous day high was 0.6086 while the previous day low was 0.6041. The daily 38.2% Fib levels comes at 0.6069, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6058, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6044, 0.602, 0.5999
• Pivot resistance is noted at 0.609, 0.6111, 0.6136

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