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- NZD/USD is trading near a 5,5-month low
NZD/USD is trading near a 5,5-month low
Today, the NZD/USD pair is trading in the range of 0.5850-0.5905, having reached a new 5,5-month low since the beginning of trading. On the hourly chart, NZD/USD remains below the moving average line MA (200) H1 (0.5950) and on the four-hour chart below MA (200) H4 (0.6030). Technically speaking, the support of 0.5850 can 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: 0.5935-55, 0.6015, 0.6045
An alternative scenario: 0.5850, 0.5775-90, 0.5700
The main scenario of the pair's movement assumes a breakout of the session minimum of 0.5850 and may be a decrease to 0.5775-90 (Oct 26 and Nov 1 lows)
An alternative scenario implies a breakout and resistance of 0.5935-55 (April 15 and 18 highs, MA (200) H1) and there may be an increase to 0.6015 (April 11 high).
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