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- NZD/USD remains below MA (200) H1
NZD/USD remains below MA (200) H1
Today, the NZD/USD pair is trading in the range of 0.5665-90. There is a downward trend on the hourly chart after reaching a local maximum. The price is below the MA (200) H1 moving average line (0.5730), which confirms the predominance of sellers in the market. The nearest resistance level is located around 0.5730-35, the next one is in the 0.5765–0.5770 zone. Support is at 0.5690, and the key support area is around 0.5650. The MACD indicator shows a weak attempt by the bulls to turn the market around, but remains in the negative zone for now, which indicates a continuing bearish mood.
Resistances are at the marks: 0.5690, 0.5730-35, 0.5765-70
An alternative scenario: 0.5650, 0.5585, 0.5515
The main scenario of the pair's movement implies a breakout of the support 0.5680 (March 11 low, session low) and there may be a decline to 0.5635 (March 5 low)
The alternative scenario assumes an increase to 0.5735-40 (March 28 high, MA (200) H1) and there may be an increase to 0.5765-70 (March 20 and 26 highs)
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