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- NZD/USD is trading near a one-year low
NZD/USD is trading near a one-year low
Today, the NZD/USD pair is trading in the range of 0.5875-0.5900 - slightly above the annual low of 0.5835 reached yesterday. On the hourly chart, the pair remains below the moving average line MA (200) H1 (0.5920) and on the four-hour chart below MA (200) H4 (0.6015). Technically speaking, the support of 0.5835 keeps the pair from further decline for now. In case of breaking through this level, NZD/USD may fall to 0.5770. The upper limit of 0.5950 represents a strong resistance level.
Resistances are at the marks: 0.5900, 0.5950, 0.5980
An alternative scenario: 0.5835, 0.5770, 0.5735
The main scenario of the pair's movement assumes a breakout of the support of 0.5835 (Nov 18 low) and may be a decrease to 0.5770 (Oct 26’ 2023 low)
An alternative scenario implies a breakout of the session maximum of 0.5900 and may be an increase to 0.5950 (Nov 13 high)
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