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- NZD/USD is trading near a new 2-week high
NZD/USD is trading near a new 2-week high
Today, the NZD/USD pair is trading in the range of 0.6000-35, having reached a new 2-week high. On the hourly chart, the pair rose slightly above the average MA (200) H1 (0.5960) line and on the four-hour chart it is testing MA (200) H1 (0.6025). Technically speaking, the resistance of 0.6035 keeps the pair from further growth for now. In case of breaking through this level, NZD/USD may rise to 0.6100. The lower bound of 0.5915 represents a strong support level.
Resistances are at the marks: 0.6035, 0.6100, 0.6155
An alternative scenario: 0.5960-75, 0.5915, 0.5850
The main scenario of the pair's movement assumes a breakout of the support of 0.5960-75 (Aug 8 low) and there may be a decrease to 0.5915 (Aug 6 low).
An alternative scenario implies a breakout of the session maximum of 0.6035 with a likely subsequent increase to 0.6100 (July 17 high).
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