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- NZD/USD trades near 2.5-month low
NZD/USD trades near 2.5-month low
Today, the NZD/USD pair is trading in the 0.6045-75 range - near the 2-month low of 0.6040 reached yesterday. On the hourly chart, the pair fell below the MA (200) H1 (0.6105) moving average line. On the four-hour chart, the pair remains below the MA (200) H4 (0.6190). Technically speaking, the support at 0.6040 may keep prices from further declines. If this level is passed, the pair could fall to 0.5995. The upper boundary of 0.6175 represents a strong resistance level.
Resistances are at the marks: 0.6080, 0.6105, 0.6160-75
An alternative scenario: 0.6040, 0.5995, 0.5940
The main scenario of the pair suggests a break of support at 0.6040 (Feb 5 low) and may be a decline to 0.5995 (Nov 22 low)
The alternative scenario implies a break of resistance at 0.6080 (Feb 5 high) and MA (200) H1 (0.6105) and may be a rise to 0.6175 (Jan 31 high).
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