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- NZD/USD is trading near a 3-month low
NZD/USD is trading near a 3-month low
Today, the NZD/USD pair is trading in the range of 0.5870-0.5900 after falling yesterday to a 3-month low of 0.5860. On the hourly chart, the pair fell below the moving average line MA (200) H1 (0.5950) and on the four-hour chart below MA (200) H1 (0.6070). Technically speaking, the support of 0.5860 kept the pair from further decline. In case of breaking through this level, NZD/USD may go down to 0.5775. The upper limit of 0.6030 represents a strong resistance level.
However, it is worth noting that the 14-day relative strength index (RSI (14) on D1) is below the level of 30, which signals a possible change in the direction of price movement.
Resistances are at the marks: 0.5950, 0.6030, 0.6100
An alternative scenario: 0.5850-60, 0.5775-90, 0.5740
The main scenario of the pair's movement assumes a breakout of the support of 0.5850 (April 21 and July 29 low) and may be a decrease to 0.5775-90 (October 25 and Nov 1’ 2023 lows).
An alternative scenario implies an increase to MA (200) H1 (0.5950) with a likely rise to 0.6030 (July 23 high)
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