The NZD/USD currency pair is currently trading at 0.61882, and is consolidating after recovering from the previous day’s losses. This consolidation pattern is forming inside a symmetrical triangle that is one-month-old. According to @nehcap, the expectation is that there will be an upward movement in the currency pair.

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• NZD/USD consolidates the previous day’s recovery inside one-month-old symmetrical triangle.

The pair currently trades last at 0.61882.

The previous day high was 0.6219 while the previous day low was 0.6156. The daily 38.2% Fib levels comes at 0.6195, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.618, expected to provide support.

NZD/USD clings to mild losses around 0.6190 as it reverses the previous day’s rebound heading into Thursday’s European session. In doing so, the Kiwi pair retreats within a one-month-old symmetrical triangle, funning down towards the breakout points of late.

That said, the early Thursday’s Gravestone Doji candlestick on the four-hour chart joins the downbeat sentiment to exert downside pressure on the NZD/USD price.

Suggesting another attempt to break the 100-bar Exponential Moving Average (EMA) surrounding 0.6155.

Following that, the stated triangle’s bottom line of near 0.6150 and a one-month-long horizontal support zone surrounding 0.6100 will lure the NZD/USD bears.

Meanwhile, the 61.8% Fibonacci retracement of its May 11-31 downside, near 0.6230, guards the immediate upside of the NZD/USD pair, a break of which will highlight the aforementioned triangle’s top line, close to 0.6240 at the latest.

In a case where the Kiwi pair manages to remain firmer past 0.6240, the late May swing high of around 0.6310 can act as an extra filter towards the north before giving control to the bulls.

To sum up, NZD/USD pair is suggesting an intraday fall but the overall bullish bias remains intact.

Trend: Upside expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6189 at the time of writing. Pair opened at 0.6202 and is trading with a change of -0.21% % .

The pair is trading above its 20 Daily moving average @ 0.6114, above its 50 Daily moving average @ 0.6177 , below its 100 Daily moving average @ 0.621 and above its 200 Daily moving average @ 0.6154

The previous day high was 0.6219 while the previous day low was 0.6156. The daily 38.2% Fib levels comes at 0.6195, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.618, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6166, 0.6129, 0.6103
• Pivot resistance is noted at 0.6229, 0.6255, 0.6292

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