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- NZD/USD is trading near a near 3-week low
NZD/USD is trading near a near 3-week low
Today, the NZD/USD pair is trading in the range of 0.6130-60 after falling yesterday to almost a 3-week low of 0.6105. On the hourly chart, the pair dropped slightly below the average MA (200) H1 (0.6180) line, but on the four-hour chart it remains above MA (200) H1 (0.6090). Technically speaking, the support of 0.6105 keeps the pair from further decline for now. In case of breaking through this level, NZD/USD may fall to 0.6050. The upper limit of 0.6300 represents a strong resistance level.
Resistances are at the marks: 0.6180-90, 0.6255, 0.6300.
An alternative scenario:0.6110, 0.6050, 0.5975
The main scenario of the pair's movement assumes a breakout of 0.6180-90 (Sept 9 high, MA (200) H1) and resistance of 0.6255 (Sept 6 high) and there may be an increase to 0.6300 (Aug 29 high)
An alternative scenario implies a breakout of support 0.6110 (Sept 11 low) and there may be a decrease to 0.6050 (Aug 19 low)
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