Today, the NZD/USD pair is mostly declining from 0.5920 to 0.5895 and is testing the MA (200) H1 moving average line (0.5915) on the hourly chart. On the four-hour chart, the pair is trading well below the MA (200) H4 (0.5990). Technically speaking, the 0.5860 support level may keep prices from further declines. The upper boundary of 0.5960 represents a strong resistance level.
Resistances are at the marks: 0.5945, 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 0.5935 (Sept 11 high) and there could be a rise to 0.5960 (Sept 4 high)
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