Today, the NZD/USD pair is trading in the 0.5940-60 range and is testing the MA (200) H1 moving average line (0.5940) on the hourly chart. On the four-hour chart, the pair is trading well below the MA (200) H4 (0.6050). Technically speaking, the support at 0.5930 may keep prices from further declines. In case of its breakdown, the pair may fall to 0.5885. The upper boundary of 0.6015 represents a strong resistance level.
Resistances are at the marks: 0.5960, 0.6015, 0.6120
An alternative scenario: 0.5930, 0.5885, 0.5840
The main scenario of the pair suggests a break of the support at 0.5930 (August 31 low) and a possible decline to 0.5885 (Aug 25 and 29 lows)
The alternative scenario implies a break of the session high of 0.5960 and may be a rise to 0.6015 (Sep 1 high).
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