The NZD/USD pair is rising today, but remains within yesterday's range of 0.5860-0.5905 - near the 10-month low. On the hourly chart, the pair fell below the MA (200) H1 moving average line (0.5925). On the four-hour chart, the pair is trading well below the MA (200) H4 (0.6020). Technically speaking, the support level at 0.5860 may keep prices from further declines. In case of its breakdown, the pair may fall to 0.5745. The upper boundary of 0.5960 represents a strong resistance level.
Resistances are at the marks: 0.5905, 0.5930-40, 0.5960
An alternative scenario: 0.5860, 0.5745, 0.5655
The main scenario of the pair implies a break of the support at 0.5860 (Sept 5 low) and may be a decline to 0.5745 (Nov 3’ 2022 low)
The alternative scenario implies a break of resistance at 0.5905 (Sept 6 high) and maybe a rise to 0.5960 (Sept 4 high)
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