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- NZD/USD is trading near the lows of the beginning of July 2020
NZD/USD is trading near the lows of the beginning of July 2020
Today, the NZD/USD pair is trading in the range of $0.6420-75 - near the lows of the beginning of July 2020. On the hourly chart, the pair fell below the moving average line MA (200) H1 ($0.6610) and on the four-hour chart - below MA (200) H4 ($0.6815). Technically speaking, the support level of $0.6385 can keep prices from further decline. The upper limit of $0.6645 represents the resistance level.
It is worth noting that the 14-day relative strength index (RSI (14) on D1) is below the level of 30, which signals a possible change in the direction of price movement.
⦁ Resistance levels are: $0.6540, $0.6590-0.6610, $0.6645
⦁ Support levels are: $0.6420, $0.6385, $0.6260
The main scenario for the pair's promotion — breakout of the session low of $0.6420 and there may be a decline to $0.6385 (June 30’ 2020 low)
An alternative scenario — the pair's growth to $0.6540 (April 29 high) and then, maybe, to $0.6590-0.6610 (April 27 high, MA (200) H1)
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