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- NZD/USD remains within yesterday's trading range
NZD/USD remains within yesterday's trading range
Today, the NZD/USD pair is mainly declining in the range of 0.5940-70, remaining within yesterday's trading range. On the hourly chart, the pair failed to break through the MA (200) H1 (0.5980) moving average line. On the four-hour chart, the pair remains below MA (200) H4 (0.6080). Technically speaking, the resistance of 0.5980 has kept the pair from rising so far. In case of breaking through this level, NZD/USD may rise to 0.6040. The lower bound of 0.5910 represents a strong support level.
Resistances are at the marks: 0.5980, 0.6040, 0.6060
An alternative scenario: 0.5940, 0.5910, 0.5850
The main scenario of the pair's movement assumes a breakout of the session minimum of 0.5940 (Oct 31 and Nov 11 low) and there may be a decrease to 0.5910 (Aug 6 and Nov 6)
An alternative scenario implies a breakout of 0.5980 support (Nov 11 high, MA (200) H1) and there may be an increase to 0.6040 (Nov 7 high)
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