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- NZD/USD dropped slightly below MA (200) H1
NZD/USD dropped slightly below MA (200) H1
Today, the NZD/USD pair is trading in the range of 0.6170-90 after rising last week to an 8-month high of 0.6300. On the hourly chart, the pair dropped slightly below the average MA (200) H1 (0.6225) line, but on the four-hour chart it remains above MA (200) H1 (0.6055). Technically speaking, the support of 0.6130 may keep the pair from further decline. In case of breaking through this level, NZD/USD may fall to 0.5975. The upper limit of 0.6300 represents a strong resistance level.
Resistances are at the marks: 0.6225-40, 0.6300, 0.6370
An alternative scenario: 0.6130, 0.5975, 0.5910
The main scenario of the pair's movement assumes a breakout of resistance 0.6225-40 (Aug 23 and Sept 3 high, MA (200) H1) and there may be an increase to 0.6300 (Aug 29 high)
An alternative scenario implies a breakout of support at 0.6130 (Aug 22 low) and may be a decline to 0.5975 (Aug 15 low).
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