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- NZD/USD dropped below MA (200) H1
NZD/USD dropped below MA (200) H1
Today, the NZD/USD pair is mainly declining from 0.5700 to 0.5670 and has dropped slightly below the MA (200) H1 moving average line (0.5740) on the hourly chart. However, on the four-hour chart, the pair remains above MA (200) H4 (0.5665). Based on the above, it is probably worth sticking to the northern direction in trading and as long as the pair remains above the MA 200 H4, it is necessary to look for entry points to buy. Technically speaking, the 0.5660 support has kept the pair from further decline so far. The upper limit of 0.5740 represents a strong resistance level.
Resistances are at the marks: 0.5725-40, 0.5770, 0.5790
An alternative scenario: 0.5670, 0.5600-20, 0.5580
The main scenario of the pair's movement assumes an increase of 0.5725-40 (Feb 25-26 highs, MA (200) H1, session low) and then, maybe, to 0.5770 (Feb 21-24 high).
An alternative scenario implies a break in the session low of 0.5670 and there may be a decrease to 0.5600-20 (Feb 12-13 low)
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