Technical Analysis
16.10.2020, 12:17

NZD/USD remains below MA (200) H1

Today, the NZD/USD pair rose slightly from $0.6585 to $0.6610, after a sharp decline yesterday from $0.6660 to $0.6575. On the hourly chart, the pair remains below the moving average line MA (200) H1 ($0.6620), and on the four - hour chart- below MA (200) H4 ($0.6650). The $0.6575 support may keep the NZD/USD from falling further. If it breaks through, the price may drop to $0.6545. On the other hand, a breakout of the MA (200) H1 ($0.6620) may push the pair up to $0.6670-85. The most likely range of price movement to date may be hidden within the wide range of $1.6575-1.6620.

Resistance levels are at: $0.6620, $0.6670-85, $0.6760

Support levels are at: $0.6575, $0.6545, $0.6510

The main scenario for the pair's promotion - correction and decline to $0.6575 (October 15 low)

An alternative scenario - if the MA (200) H1 ($0.6630) breaks, the pair is likely to grow to $0.6655 (October 1-5 high)

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