#NZDUSD @ 0.61550 picks up bids to refresh intraday high, prints the first daily gain in three., @nehcap view: Limited recovery expected

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• NZD/USD picks up bids to refresh intraday high, prints the first daily gain in three.

The pair currently trades last at 0.61550.

The previous day high was 0.6208 while the previous day low was 0.6175. The daily 38.2% Fib levels comes at 0.6188, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6195, expected to provide resistance.

NZD/USD refreshes intraday high around 0.6165 as it reverses losses made in the last two days amid early Friday in Auckland. In doing so, the Kiwi pair bounces off a short-term key support confluence comprising the 21-Exponential Moving Average (EMA), as well as an upward-sloping support line from early March.

The latest rebound of the Antipodeans can be considered as the positioning for the US employment report for June, including the Nonfarm Payrolls (NFP). That said, the bullish MACD signals also underpin the pair’s recovery.

Also read: NZD/USD slides towards 0.6155 following strong US data

However, a seven-week-old symmetrical triangle, currently between 0.6210 and 0.6065, restricts the NZD/USD pair’s short-term moves.

Even if the quote defies the triangle formation by crossing the 0.6210 hurdle, the 200-EMA level of around 0.6220 will challenge the pair buyers before giving them control.

It’s worth noting that the US jobs report need to support the quote’s upside break of the 200-EMA to convince the NZD/USD bulls.

On the flip side, a daily closing below the 0.6150 support confluence comprising the 21-EMA and the aforementioned multi-day-old rising trend line could drag the quote towards the 0.6100 round figure before directing it to the stated triangle’s bottom line surrounding 0.6065.

Following that, multiple supports near 0.6030, the 0.6000 psychological magnet and the yearly low marked in May around 0.5985 could challenge the NZD/USD bears.

Trend: Limited recovery expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6167 at the time of writing. Pair opened at 0.6179 and is trading with a change of -0.19% % .

The pair is trading above its 20 Daily moving average @ 0.6157, below its 50 Daily moving average @ 0.6169 , below its 100 Daily moving average @ 0.619 and below its 200 Daily moving average @ 0.6169

The previous day high was 0.6208 while the previous day low was 0.6175. The daily 38.2% Fib levels comes at 0.6188, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6195, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6167, 0.6154, 0.6134
• Pivot resistance is noted at 0.62, 0.622, 0.6233

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