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- NZD/USD is trading near a 5-week low
NZD/USD is trading near a 5-week low
Today, the NZD/USD pair is trading in the range of 0.6045-70 - about a 5-week low. On the hourly chart, the pair fell below the MA (200) H1 (0.6100) moving average line. On the four-hour chart, the pair remains below MA (200) H1 (0.6130). Technically speaking, the support of 0.6050 may have kept the pair from further decline. If this level is broken, NZD/USD may fall to 0.5980. The upper limit of 0.6110 represents a strong resistance level.
Resistances are at the marks: 0.6100-10, 0.6150, 0.6220
An alternative scenario: 0.6050, 0.5980, 0.5915
The main scenario of the pair's movement assumes a breakout of the session minimum of 0.6050 and then, perhaps, to 0.5980 (May 8 low)
An alternative scenario implies a breakout of the resistance of 0.6100-10 (June 27 high, MA (200) H1) and there may be an increase to 0.6150 (June 18 high)
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