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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 $0.5940-85 - near the lows of May 2020. On the hourly chart, the pair dropped below the MA (200) H1 moving average line ($0.6050). On the four-hour chart, NZD/USD remains below MA (200) H4 ($0.6195). Technically speaking, the support of $0.5910-20 may keep prices from further decline. The upper limit of $0.6160 represents the resistance level.
Resistances are at the marks: $0,6025-50, $0,6095, $0,6160
An alternative scenario: $0,5940, $0,5910-20, $0,5840
The main scenario of the pair's movement implies a breakout of the support of $0.5975 (September 14 low), followed by a possible decline to $0.5910-20 (April 23 and May 15’ 2020 lows)
An alternative scenario for the pair's promotion implies a breakout of the resistance of $0.6025-50 (September 14 high, MA (200) H1) and an increase to $0.6160 (September 12-13 high)
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