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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 trading in the range of 0.5640-60, remaining near the 2-year low of 0.5610 reached last week. On the hourly chart, the NZD/USD remains below the moving average line, with MA (200) H1 (0.5730) declining and the four-hour chart below MA (200) H4 (0.5850). Technically speaking, the 0.5610 support is keeping the pair from further decline for now. If this level is breached, the NZD/USD may fall to 0.5510. The upper limit of 0.5820 represents a strong resistance level.
Resistances are at the marks: 0.5675, 0.5730, 0.5820
An alternative scenario: 0.5610, 0.5510, 0.5475
The main scenario of the pair's movement assumes a breakout of support 0.5610 (Dec 19 low, session minimum) and there may be a decrease to 0.5510 (Oct 14’ 2022 low)
The alternative scenario implies a breakout of the resistance 0.5675 (Dec 20 high), an increase to MA (200) H1 (0.5730) and then, maybe, to 0.5820 (Dec 12 high)
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