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- NZD/USD is testing MA (200) H1
NZD/USD is testing MA (200) H1
Today, the NZD/USD pair is trading in the range of 0.6045-85 - near the 2-month low of 0.6040 reached last week. On the hourly chart, the pair is testing the line of the average MA (200) H1 (0.6080) and on the four-hour chart it is trading below MA (200) H1 (0.6185). Technically speaking, the support of 0.6040 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 0.6120 represents a strong resistance level. The most likely range of the pair's movement for today may be hidden within the existing range of 1.6040-0.6120.
Resistances are at the marks: 0.6085, 0.6120, 0.6170
An alternative scenario: 0.6040, 0.5975, 0.5910
The main scenario of the pair's movement assumes a breakout of the support of 0.6040 (Oct 16 low) and there may be a decrease to 0.5975 (Aug 15 low)
An alternative scenario implies a breakout of the resistance of 0.6085 (Oct 18 high, seasonal maximum), an increase to 0.6120 (Oct 11 high) and then maybe to 0.6170 (Oct 5 high)
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