Today, the NZD/USD pair is trading in the 0.5915–40 range, pulling back from the monthly high of 0.6000. On the hourly chart, the pair remains above the moving average line MA (200) H1 (0.5885) and is testing the MA (200) H4 (0.5915) on the four-hour chart. Technically speaking, the support at 0.5875 may protect prices from further declines. If this level is passed, the pair could fall to 0.5775. The upper boundary of 0.6000 represents a strong resistance level.
The alternative scenario implies a break of the support at 0.5875-85 (low of the European session on Nov 2, MA (200) H1) and a decline to 0.5775-90 (Oct 26 and Nov 1 lows).
- Resistances are at the marks: 0.5965, 0.6000, and 0.6055.
- An alternative scenario: 0.5875, 0.5775-90, 0.5740.
The alternative scenario implies a break of the support at 0.5875-85 (low of the European session on Nov 2, MA (200) H1) and a decline to 0.5775-90 (Oct 26 and Nov 1 lows).
