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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 trading in the range of 0.6295-0.6340 - near the maximum value since the beginning of the year, 0.6355, reached this week. On the hourly chart, the pair rose above the average MA (200) H1 (0.6260) line and on the four-hour chart, the pair rose above MA (200) H1 (0.6185). 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 0.6250 represents a strong support level.
Resistances are at the marks: 0.6355-70, 0.6415, 0.6480
An alternative scenario: 0.6295, 0.6250-60, 0.6210
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 the session minimum of 0.6295 and there may be a decrease of 0.6250-60 (Sept 26 low, MA (200) H1)
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