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- NZD/USD is trading near the lows of early May
NZD/USD is trading near the lows of early May
Today, the NZD/USD pair is mainly declining in the range of 0.5915-60, reaching the minimum recorded on May 2. On the hourly chart, the pair fell below the moving average line MA (200) H1 (0.6040) and on the four-hour chart below MA (200) H1 (0.6100). Technically speaking, the support of 0.5915 kept the pair from further decline. In case of breaking through this level, NZD/USD may go down to 0.5875. The upper limit of 0.6100 represents a strong resistance level.
Resistances are at the marks: 0.5985, 0.6030-40, 0.6100
An alternative scenario: 0.5915, 0.5875, 0.5850
The main scenario of the pair's movement assumes a breakout of the 0.5915 support (May 2 low, session minimum) and, maybe, a decrease to 0.5875 (May 1 low).
The alternative scenario implies an increase to 0.5985 (July 23 highs) with a likely rise to 0.6030-40 (July 23 high, MA (200) H1)
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