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- NZD/USD is trading near a 2-year low
NZD/USD is trading near a 2-year low
Today, the NZD/USD pair is trading in the range of $0.6285-0.6350 - about a 2-year low. On the hourly chart, the pair dropped below the moving average line MA (200) H1 ($0.6435) and on the four-hour chart it remained below MA (200) H4 ($0.6725). In this situation, the scenario of a further decline in the NZD/USD pair is likely, and a sell position may be a wise decision for those who want to take advantage of a stronger US dollar.
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: $0.6460-65, $0.6570-90, $0.6645
⦁ Support levels are: $0.6335, $0.6260, $0.6165
The main scenario for the pair's promotion — support breakout of $0.6260-85 (June 2’ 2020 low, session minimum) and there may be a decline to $0.6150-65 (May 27-29’ 2020 lows)
An alternative scenario — the resistance breakout is $0.6380 (high of the American session on May 9) and there may be an increase to $0.6435-55 (May 6 high, MA (200) H1)
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