Today, the NZD/USD pair is mostly rising from 0.5890 to 0.5935, slightly retreating from the 10-month low of 0.5860 reached last week. On the hourly chart, the pair is testing the MA (200) H1 moving average line (0.5920). On the four-hour chart, the pair is trading well below the MA (200) H4 (0.6000). Technically speaking, the resistance level at 0.5960 may keep prices from rising further. The lower boundary of 0.5860 represents a strong support level.
Resistances are at the marks: 0.5940, 0.5960, 0.6015
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 0.5940 (Sept 5 high) and there could be a rise to 0.5960 (Sept 4 high)
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