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- NZD/USD is trading near a 10-day high
NZD/USD is trading near a 10-day high
There is an uptrend on the NZD/USD hourly chart today and it is trading in the range of 0.5720-45, near the 10-day high. The pair has overcome the moving average line, which indicates a change in dynamics towards growth. The MACD histogram shows a slowdown in growth, which may indicate a correction. If the positive values remain, further price increases are possible. If the NZD/USD breaks through 0.5745 and fixes higher, an increase to 0.5770 is possible. In case of a pullback, the 0.5675 support may keep the price from further decline. As long as the price is trading above MA (200) H1, the priority remains for long positions.
Resistances are at the marks: 0.5745, 0.5770, 0.5790
An alternative scenario: 0.5675, 0.5635, 0.5585
The main scenario of the pair's movement suggests a breakout of the session high of 0.5745 and there may be an increase to 0.5770 (Feb 21 high).
An alternative scenario implies a decrease to MA (200) H1 (0.5675) and then maybe to 0.5635 (March 5 low)
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