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- NZD / USD remains below MA (200) H1
NZD / USD remains below MA (200) H1
Today, the NZD / USD pair rose sharply in European trading from $0.6590 to $0.6630, slightly retreating from the weekly low reached today. On the hourly chart, NZD / USD remains below the moving average line of MA (200) H1 ($0.6660), and on the four - hour chart-below MA (200) H4 ($0.6635). If the pair gains a foothold below these levels, a new downtrend is likely to start forming. Until that happens, finding a buy position can probably be a wise decision for those who want to take advantage of the stronger new Zealand dollar. The most likely range of price movement today may be hidden within the range of $0.6590 - $0.6670.
⦁ Resistance levels are at: $0.6660-70, $0.6725, $0.6760
⦁ Support levels are at: $0.6590, $0.6545-50, $0.6510
The main scenario for the pair's promotion - breakout of the resistance of $0.6660-70 (October 29-30 highs, MA (200) H1) and may be an increase to $0.6725 (October 27 high)
An alternative scenario - correction, breakout of the session low of $0.6590 and may be a decline in the pair to $0.6545-50 (October 8 and 20 lows)
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