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- NZD/USD is declining and testing MA (200) H1
NZD/USD is declining and testing MA (200) H1
Today, the NZD/USD pair is mainly declining from 0.5885 to 0.5830 and remains slightly above the 13-month low of 0.5800 reached earlier last week. On the hourly chart, NZD/USD is testing the moving average line, MA (200) H1 (0.5870) decreased and on the four-hour chart it fell below MA (200) H4 (0.5940). Technically speaking, the 0.5800 support may keep the pair from further decline. In case of breaking through this level, NZD/USD may fall to 0.5775. The upper limit of 0.5930 represents a strong resistance level.
Resistances are at the marks: 0.5905, 0.5930, 0.5980
An alternative scenario: 0.5800, 0.5775, 0.5735
The main scenario of the pair's movement assumes a breakout of the support 0.5800 (Nov 26 low) and may be a decrease to 0.5775 (Oct 21’ 2023 low)
The alternative scenario implies an increase of 0.5905 (Dec 3 high) and may be an increase to 0.5930 (Nov 29 high)
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