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- NZD/USD fell to a 10-month low
NZD/USD fell to a 10-month low
The NZD/USD pair is mostly declining today from 0.5940 to 0.5860 reaching a 10-month low. The pair broke the support at 0.5885, which was the nearest resistance. On the hourly chart, the pair fell below the MA (200) H1 moving average line (0.5935). On the four-hour chart, the pair is trading well below the MA (200) H4 (0.6060). In this situation, the scenario of further decline in the NZD/USD pair is likely. Finding a sell position may be a wise decision for those who want to benefit from a stronger US dollar.
Resistances are at the marks: 0.5885, 0.5935-40, 0.5960
An alternative scenario: 0.5840, 0.5745, 0.5655
The main scenario of the pair implies a break of the support at 0.5840 (low on November 10, 2022) and may be a decline to 0.5745 (low on November 3, 2022)
The alternative scenario implies a break of resistance at 0.5885 (low of August 25 and 29) and may be a rise to 0.5935-40 (session high, MA (200) H1).
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