The NZD/USD pair is trading in the 0.5930-75 range today after rising yesterday to a weekly high of 0.5980. On the hourly chart, the pair moved slightly above the MA (200) H1 moving average line (0.5930). On the four-hour chart, the pair is trading well below the MA (200) H4 (0.6080). Technically speaking, the resistance at 0.5980 may keep prices from rising further. If it is broken, the pair may rise to 0.6000. The lower boundary of 0.5885 represents a strong support level.
Resistances are at the marks: 0.5980, 0.6000, 0.6120-35
An alternative scenario: 0.5930-40, 0.5885, 0.5840
The main scenario of the pair implies a break of support at 0.5930-40 (session low, MA (200) H1) and a possible decline to 0.5885 (Aug 25 and 29 low)
The alternative scenario implies a break of resistance at 0.5980 (Aug 29 high) and a possible rise to 0.6000 (Aug 15 high).
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