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- NZD/USD is trading near a 5-month low
NZD/USD is trading near a 5-month low
Today, the NZD/USD pair is mainly growing in the range of 0.5860-0.5915, remaining near a new 5-month low. On the hourly chart, NZD/USD fell below the moving average line MA (200) H1 (0.5980) and on the four-hour chart remained below MA (200) H4 (0.6040). Technically speaking, the support of 0.5860 may keep prices from falling further. If it breaks through, the pair may drop to 0.5775. The upper limit of 0.6015 represents a strong resistance level.
Resistances are at the marks: 0.5955, 0.6015, 0.6045
An alternative scenario: 0.5860-75, 0.5775-90, 0.5700
The main scenario of the pair's movement assumes a breakout of the support 0.5860-75 (Nov 14 low, session minimum) and there may be a decrease to 0.5775-90 (Oct 26 and Nov 1 lows)
An alternative scenario implies a breakout and resistance of 0.5955 (April 15 high) and MA (200) H1 (0.5980) and there may be an increase to 0.6015 (April 11 high).
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