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- NZD/USD remains near 2-year low
NZD/USD remains near 2-year low
Today, the NZD/USD pair is growing from $0.6280 to $0.6350, having regained all the positions lost yesterday. The pair remains near a 2-year low. On the hourly chart, NZD/USD dropped below the moving average line MA (200) H1 ($0.6415) and on the four-hour chart it remained below MA (200) H4 ($0.6705). Technically speaking, the support of $0.6260-75 may keep prices from further decline. The upper limit of $0.6460 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: $0.6375, $0.6415, $0.6460
⦁ Support levels are: $0.6260-75, $0.6150-65, $0.6080
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 $0.6375 (high of the American session on May 9) and there may be an increase to $0.6460 (May 6 high)
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