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- NZD/USD rose to 3-month High
NZD/USD rose to 3-month High
Today, the NZD/USD pair is trading in the range of 0.5810-30, having reached a new 3-month high. The pair is showing a steady uptrend on the hourly timeframe after breaking through key resistance levels. The price is above the MA (200) H1 moving average line (0.5730), which confirms the dominance of buyers in the market. The latest upward movement led to a test of the 0.5830 resistance level, where a slight correction is observed. The MACD indicator shows a weakening of the bullish momentum, but remains in the positive zone, which indicates the possibility of continued growth. In case of a pullback, the nearest support is the 0.5770 level, its breakdown may lead to a decrease to 0.5730. If the price fixes above 0.5830, it is possible to move towards new local highs.
Resistances are at the marks: 0.5830, 0.5890, 0.5930
An alternative scenario: 0.5780, 0.5730, 0.5680
The main scenario of the pair's movement implies a breakout of the session high of 0.5830 and there may be an increase to 0.5890 (Dec 5-9 high)
An alternative scenario suggests a decline to 0.5780 (Feb 21-24 high) and then, perhaps, to MA (200) H1 (0.5730).
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