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- NZD/USD is trading near a 3-week high
NZD/USD is trading near a 3-week high
Today, the NZD/USD pair is trading in the range of 0.6000-25 after rising on Friday to a new 3-week high of 0.6050. On the hourly chart, the pair rose slightly above the moving average line MA (200) H1 (0.5960) and on the four-hour chart above MA (200) H4 (0.5970). Technically speaking, the resistance of 0.6050 can keep prices from rising further. If it breaks through, the pair may rise to 0.6080. The lower bound of 0.5915 represents a strong support level.
Resistances are at the marks: 0.6050, 0.6080, 0.6105
An alternative scenario: 0.5995, 0.5960, 0.5915
The main scenario of the pair's movement assumes a breakout of the resistance of 0.6050 (May 3 high) and there may be an increase to 0.6080 (April 9 high)
An alternative scenario implies a breakout of support 0.5995 (May 6 low) and MA (200) H1 (0.5960) may decrease to 0.5915 (May 2 low)
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