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- NZD/USD is trading near a 2-week high
NZD/USD is trading near a 2-week high
Today, the NZD/USD pair is trading in the range of 0.5980-0.6010 after rising yesterday to a 2-week high of 0.6030. On the hourly chart, the pair rose slightly above the average MA (200) H1 (0.5940) line. On the four-hour chart, the pair remains below MA (200) H1 (0.6035). Technically speaking, the resistance of 0.6030 has so far kept the pair from further growth. In case of breaking through this level, NZD/USD may rise to 0.6100. The lower bound of 0.5850 represents a strong support level.
Resistances are at the marks: 0.6030, 0.6100, 0.6155
An alternative scenario: 0.5980, 0.5915, 0.5850
The main scenario of the pair's movement assumes a breakout of the session minimum of 0.5980, a decrease to 0.5915 (Aug 6 low) and then, maybe, to 0.5850 (Aug 5 low)
An alternative scenario implies a breakout of the resistance of 0.6030 (Aug 7 high) with a likely rise to 0.6100 (July 17 high)
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