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- NZD/USD is trading near a 2-week high
NZD/USD is trading near a 2-week high
Today, the NZD/USD pair is mainly growing in the range of 0.6050-80 - near a new 2-week high. On the hourly chart, the pair remains above the moving average line MA (200) H1 (0.6005), but on the four-hour chart it is trading below MA (200) H4 (0.6070). Technically speaking, the resistance of 0.6105 may keep prices from rising further. If it breaks through, the pair may rise to 0.6185. The lower bound of 0.5985 represents a strong support level.
Resistances are at the marks: 0.6105, 0.6175-85, 0.6220
An alternative scenario: 0.6050, 0.5985, 0.5940
The main scenario of the pair's movement assumes a breakout of resistance 0.6105 (March 21 high) and there may be an increase to 0.6175-85 (March 11-14 highs)
An alternative scenario implies a breakout of the session minimum of 0.6050 and MA (200) H1 (0.6005) and there may be a decrease to 0.5940 (April 1-2 low).
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