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- NZD/USD dropped to a new 2-year low
NZD/USD dropped to a new 2-year low
Today, the NZD/USD pair is mainly declining from 0.5760 to 0.5720, reaching a new 2-year low. On the hourly chart, NZD/USD fell below the moving average line, MA (200) H1 (0.5795) fell and on the four-hour chart below MA (200) H4 (0.5880). Technically speaking, the support of 0.5730 keeps the pair from further decline for now. In case of breaking through this level, NZD/USD may fall to 0.5650. The upper limit of 0.5795 represents a strong resistance level.
Resistances are at the marks: 0.5795, 0.5820, 0.5890
An alternative scenario: 0.5720, 0.5650, 0.5600
The main scenario of the pair's movement assumes a breakout of the session minimum of 0.5720 and may be a decrease to 0.5650 (Oct 24’ 2022 low)
An alternative scenario implies an increase to 0.5795 (Dec 17 high, MA (200) H1) and there may be an increase to 0.5820 (Dec 12 high)
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