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- NZD/USD retreated slightly from a 14-month high
NZD/USD retreated slightly from a 14-month high
Today, the NZD/USD pair is mainly declining from 0.6350 to 0.6305, slightly retreating from the 14-month high of 0.6380 reached yesterday. On the hourly chart, the pair remains above the average line MA (200) H1 (0.6295) and on the four-hour chart above MA (200) H1 (0.6205). Technically speaking, the support of 0.6295 keeps the pair from further decline for now. In case of breaking through this level, NZD/USD may fall to 0.6250. The upper limit of 0.6380 represents a strong resistance level.
Resistances are at the marks: 0.6380, 0.6415, 0.6480
An alternative scenario: 0.6295, 0.6250, 0.6210
The main scenario of the pair's movement assumes an increase of 0.6380 (Sept 30 high) and may be an increase to 0.6415 (July 14’ 2023 high)
An alternative scenario implies a breakout of support 0.6295 (Sept 27 low, MA (200) H1) and there may be a decrease of 0.6250 (Sept 26 low)
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