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- NZD/USD is trading near a 4-month low
NZD/USD is trading near a 4-month low
Today, the NZD/USD pair is trading in the range of 0.5985-0.6010 - about a 4-month low. On the hourly chart, the pair remains slightly below the MA (200) H1 (0.6040) moving average line. The situation is similar on the four-hour chart. Technically speaking, the support of 0.5985 can keep prices from falling further. If it breaks through, the pair may drop to 0.5945. The upper limit of 0.6105 represents a strong resistance level.
Resistances are at the marks: 0.6050-60, 0.6105, 0.6185
An alternative scenario: 0.5985, 0.5940, 0.5860
The main scenario of the pair's movement assumes a breakout of the support 0.5985 (March 25 low) and there may be a decrease to 0.5940 (Nov 17 low)
An alternative scenario implies a breakout of resistance 0.6030-50 (March 22 and 26 highs, MA (200) H1), there may be an increase to 0.6105 (March 21 high)
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