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- NZD/USD is trading near a 2.5-month low
NZD/USD is trading near a 2.5-month low
Today, the NZD/USD pair is trading in the range of 0.5965-85 and remains at a new 2.5-month low of 0.5950, reached yesterday. On the hourly chart, the pair remains slightly below the average MA (200) H1 (0.6000) line and on the four-hour chart below MA (200) H1 (0.6145). Technically speaking, the support of 0.5950 keeps the pair from further decline for now. In case of breaking through this level, NZD/USD may fall to 0.5910. In case of a breakout of the strong resistance level of 0.6000, the pair may rise to 0.6035.
Resistances are at the marks: 0.6000, 0.6035, 0.6085
An alternative scenario: 0.5950, 0.5910, 0.5850
The main scenario of the pair's movement assumes a breakout of the support 0.5950 (Oct 30 low) and there may be a decrease to 0.5910 (Aug 6 low)
An alternative scenario implies a breakout of 0.6000 resistance (Oct 30 high, MA (200) H1) and there may be an increase of 0.6035 (Oct 24 high)
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