Today, the NZD/USD pair trades in the range of 0.5970-0.6000 - about a monthly maximum. The pair broke through the resistance of 0.5930, which became the nearest support. On the hour chart, the pair rose above the line of moving average MA (200) H1 (0.5855) and on the four-hour chart above MA (200) H4 (0.5920). Technically speaking, the resistance of 0.6000 can keep prices from rising further. If this level is passed, the pair may rise to 0.6055. The lower bound of 0.5875 represents a strong level of support.
Resistances are at the marks: 0.6000, 0.6055, 0.6120-35
An alternative scenario: 0.5930, 0.5875, 0.5840
The basic scenario of the pair’s movement implies a breakthrough of resistance of 0.6000 (Nov 3 high, session maximum) and a growth of 0.6055 (Oct 11 high).
The alternative scenario implies a break of the support at 0.5930 (Oct 16 high) and a decline to 0.5875 (Oct 26 high).
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