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- NZD/USD declines but remains above the MA (200) Н1.
NZD/USD declines but remains above the MA (200) Н1.
Today, the NZD/USD pair is mostly down from 0.5965 to 0.5910, pulling back from the monthly high of 0.6000. On the hourly chart, the pair remains above the moving average line MA (200) H1 (0.5875) and is testing the MA (200) H4 (0.5910) on the four-hour chart. Technically speaking, the support at 0.5875 may keep prices from further declines. If this level is passed, the pair could fall to 0.5775. The upper boundary of 0.6000 represents a strong resistance level.
Resistances are at the marks: 0.5965, 0.6000, 0.6055
An alternative scenario: 0.5875, 0.5775-90, 0.5740
The main scenario of the pair movement assumes a breakdown of the session maximum of 0.5965 and possible growth to 0.6000 (Nov 3-6 high).
The alternative scenario assumes a breakdown of the support at 0.5875 (low of the European session on Nov 2, MA (200) H1) and a possible decline to 0.5775-90 (Oct 26 and Nov 1 low).
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