Technical Analysis
16.09.2020, 12:11

The NZD / USD pair rose to a two-week high

Today, the NZD / USD pair is trading with an increase from $0.6700 to $0.6750, reaching a two-week high. On the hourly chart, the pair is trading above MA (200) H1 ($0.6685) and on the four - hour chart-above MA (200) H4 ($0.6640). A strong resistance level of $0.6790 may keep NZD / USD from rising further. If it breaks through, the price may rise to $0.6840. The $0.6680-0.6700 area represents support levels. If these levels are passed, the pair may follow a correction to $0.6640. The most likely range of price movement today may be hidden within the range of $1.6680-1.6750.

Resistance levels are at: $0.6790, $0.6840, $0.6925

Support levels are at: $0.6680-0.6700, $0.6640, $0.6600

The main scenario for the pair's promotion - continuation of the upward movement to $0.6790 (high of July 18-22’ 2019 and September 2), and then, it is possible that the pair will grow to $0.6840 (April 1’ 2019 high)

An alternative scenario - breakout of $0.6680-0.6700 (September 15 low, MA (200) H1, session low) and probable decline to $0.6640 (September 10-11 low)

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