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- NZD/USD declines and tests MA (200) H1
NZD/USD declines and tests MA (200) H1
Today, the NZD/USD pair is trading in the range of 0.5745-70. After reaching a local maximum in the 0.5830 zone, the pair began to decline, breaking through the support level of 0.5775 and testing the MA (200) H1 moving average line (0.5755), which now acts as a dynamic support. The price is consolidating near the 0.5755 level, which may indicate an attempt by buyers to keep the market above this level. The MACD indicator shows a slowdown in the downward momentum, but remains in the neutral zone, which indicates the absence of an obvious direction. If growth resumes, the nearest resistance will be the 0.5775 level, and its breakdown will open the way to 0.5830. In case of consolidation below MA (200) H1, a further decline to 0.5725 and 0.5680 is possible.
Resistances are at the marks: 0.5775, 0.5830, 0.5890
An alternative scenario: 0.5725, 0.5680, 0.5635
The main scenario of the pair's movement implies a breakout of 0.5775 (March 19 low) and an increase of 0.5830 (March 18 high).
An alternative scenario suggests a breakout of the 0.5725 support (March 20 low) and a possible decline to 0.5680 (March 11 low)
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