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- NZD/USD is trading near its highest value since the beginning of the year
NZD/USD is trading near its highest value since the beginning of the year
Today, the NZD/USD pair is mainly growing in the range of 0.6250-0.6310 after yesterday retreating from the maximum value since the beginning of the year of 0.6355. On the hourly chart, the pair rose above the average MA (200) H1 (0.6240) line and on the four-hour chart, the pair rose above MA (200) H1 (0.6175). Technically speaking, the resistance of 0.6355 keeps the pair from further growth for now. In case of breaking through this level, NZD/USD may rise to 0.6415. The lower bound of 0.6210 represents a strong support level.
Resistances are at the marks: 0.6355-70, 0.6415, 0.6480
An alternative scenario: 0.6240-50, 0.6210, 0.6150
The main scenario of the pair's movement assumes a breakout of resistance 0.6355-70 (Dec 28 and Sept 25 highs) and there may be an increase to 0.6415 (July 14’ 2023 high)
An alternative scenario implies a breakout of 0.6240-50 support (session low, MA (200) H1) and may be a decrease to 0.6210 (Sept 20 low)
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