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- NZD/USD is trading near a 2-month high
NZD/USD is trading near a 2-month high
Today, the NZD/USD pair is trading in the range of 0.6100-40, having reached a 2-month high of 0.6140 yesterday. This week, the pair broke through the 0.6050 resistance, which became the closest support. On the hourly chart, the pair rose above the MA (200) H1 (0.6040) moving average line. The situation is similar on the four-hour chart. Technically speaking, the resistance of 0.6140 may keep prices from rising further. If it breaks through, the pair may rise to 0.6185. The lower bound of 0.5980 represents a strong support level.
Resistances are at the marks: 0.6140, 0.6185, 0.6220
An alternative scenario: 0.6095, 0.6040-50, 0.5980
The main scenario of the pair's movement assumes a breakout of the resistance of 0.6140 (May 16 high) and there may be an increase to 0.6185 (March 12 high)
An alternative scenario implies a breakout of the support of 0.6095 (May 16 low) and 0.6040-50 (May 3 high, MA (200) H1) and there may be a decrease to 0.5980 (May 8 low)
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