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- Technical Analysis
- NZD/USD is trading near a 2-week low.
NZD/USD is trading near a 2-week low.
Today, the NZD/USD pair is trading in the range of 0.6090-0.6110 - near the 2-week low of 0.6875 reached last week. On the hourly chart, the pair has dipped below the MA (200) H1 (0.6145) moving average line and on the four-hour chart below the MA (200) H4 (0.6120). Technically speaking, the support at 0.6075 may keep prices from further declines. In case it is broken, the pair may fall to 0.6040. The upper boundary of 0.6180 represents a strong resistance level.
Resistances are at the marks: 0.6110, 0.6155, 0.6180
An alternative scenario: 0.6075, 0.6040-50, 0.5995
The main scenario of the pair suggests a break of support at 0.6075 (Feb 29 and March 1 low) and may be a decline to 0.6040-50 (Feb 5-6 and 13 lows)
The alternative scenario implies a break of resistance at 0.6110 (Feb 29 and March 1 high) and MA (200) H1 (0.6145) and there could be a rise to 0.6180 (Feb 27-28 high).
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