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- NZD/USD is trading near a 2-week high
NZD/USD is trading near a 2-week high
Today, the NZD/USD pair is trading in the range of 0.5650-20 after rising to a 2-week high of 0.5690 yesterday. On the hourly chart, the pair remains above the MA (200) H1 (0.5620) moving average line and is testing MA (200) H4 (0.5670) on the four-hour chart. Based on the above, it is probably worth sticking to the southern direction in trading for now and until the pair has gained a foothold above the MA 200 H4, it is necessary to look for entry points for sale. Technically speaking, the resistance of 0.5690 is keeping the pair from further growth for now. If this level is breached, the NZD/USD may rise to 0.5760. The lower limit of 0.5620 represents a strong support level.
Resistances are at the marks: 0.5690, 0.5760, 0.5790
An alternative scenario: 0.5650, 0.5620, 0.5565
The main scenario of the pair's movement assumes a breakout of the support from 0.5690 (Jan 22 low, session low) and there may be a decline to 0.5620 (Jan 21 low, MA (200) H1).
An alternative scenario implies a breakout of the resistance 0.5690 (Jan 7 and 21-22 high) and there may be an increase to 0.5760 (Dec 18 high)
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