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- NZD/USD is trading near the lows of May 2020
NZD/USD is trading near the lows of May 2020
Today, the NZD/USD pair is trading in the range of $0.5995-0.6040 - near the lows of May 2020. Yesterday, the pair broke through the support of $0.6050, which became the nearest resistance. On the hourly chart, the pair dropped below the MA (200) H1 moving average line ($0.6110). On the four-hour chart, NZD/USD remains below MA (200) H4 ($0.6240). Technically speaking, the support of $0.5920 can keep prices from further decline. The upper limit of $0.6145 represents the resistance level.
Resistances are at the marks: $0,6050, $0,6110, $0,6145
An alternative scenario: $0,5995, $0,5955, $0,5920
The main scenario of the pair's movement implies a breakout of the session minimum of $0.5995, followed by a possible decline to $0.5920 (May 15’ 2020 low)
An alternative scenario for the pair's promotion implies a breakout of the resistance of $$0.6050 (September 2 low) and an increase to $0.6145 (September 2 low)
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