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- NZD/USD is trading near a 2-year low
NZD/USD is trading near a 2-year low
Today, the NZD/USD pair is mainly growing in the range of 0.5610-60, remaining near a 2-year low. On the hourly chart, NZD/USD remains below the moving average line, MA (200) H1 (0.5770) decreased and on the four-hour chart below MA (200) H4 (0.5865). Technically speaking, the support of 0.5610 keeps the pair from further decline for now. In case of breaking through this level, NZD/USD may fall to 0.5510. The upper limit of 0.5820 represents a strong resistance level.
Resistances are at the marks: 0.5760-70, 0.5820, 0.5890
An alternative scenario: 0.5610, 0.5510, 0.5475
The main scenario of the pair's movement assumes a breakout of the session minimum of 0.5610 and may be a decrease to 0.5510 (Oct 14’ 2022 low)
The alternative scenario implies an increase to 0.5760 (Dec 18 high, MA (200) H1) and then, maybe, to 0.5820 (Dec 12 high)
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