NZD/USD drops to 2-week Low

Today, the NZD/USD pair continued to decline and dropped from 0.5635 to a 2-week low of 0.5595. The pair broke through the supports of 0.5620 and 0.5680, which became the nearest resistance. On the hourly chart, the NZD/USD dropped below the MA (200) H1 moving average line (0.5710) and below MA (200) H4 (0.5665) on the four-hour chart. Based on the above, it is probably worth starting to stick to the southern direction in trade. The MACD histogram shows a weakening of the bearish momentum, which may indicate a possible local pullback. However, the reversal signal has not been formed yet.

Technically speaking, the 0.5505 support has kept the pair from further decline so far. The upper limit of 0.5620 represents a strong resistance level.

Resistances are at the marks: 0.5620, 0.5680, 0.5710

An alternative scenario: 0.5580-95, 0.5515, 0.5500

The main scenario of the pair's movement assumes a breakout of 0.5580-95 (Feb 5 low, session low) and there may be a decline to 0.5515 (Feb 3 low).

An alternative scenario implies an increase to 0.5620 (Feb 13 low) and there may be an increase to 0.5680 (Feb 19 low)