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- NZD/USD remains below MA (200) H1
NZD/USD remains below MA (200) H1
Today, the hourly chart of the NZD/USD currency pair shows an upward correction after a significant downward trend. The price has pushed off from the 0.5585 support level and is moving up, currently testing the 0.5645 resistance level. The MA (200) H1 moving average line (0.5685) is above the current price, which indicates a long-term downward movement. The price has not yet broken through this level, which confirms the bearish trend. The histogram of the MACD indicator has entered a positive zone, which confirms the current upward momentum. However, the signal for a trend reversal has not yet been formed. It is recommended to monitor the price behavior at the current resistance, as well as the dynamics of the MACD and MA (200) H1 to confirm the further direction.
Resistances are at the marks: 0.5645, 0.5685-0.5700, 0.5740
An alternative scenario: 0.5585, 0.5515, 0.5500
The main scenario of the pair's movement assumes a breakout of 0.5585 (Feb 28 low) and there may be a decline to 0.5515 (Feb 3 low).
An alternative scenario implies a breakout of the session high of 0.5645 and there may be an increase to the area of 0.5685-0.5700 (Feb 27 high, MA (200) H1)
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