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- NZD/USD remains below MA (200) H1
NZD/USD remains below MA (200) H1
Today on the hourly chart the NZD/USD is showing a moderate recovery after it updated a 5-year low at the beginning of the session. The price bounced off the support level of 0.5486 and is now trying to continue its rise. However, the overall trend direction remains downward, which is confirmed by the moving average line MA (200) H1 (0.5665), which is significantly above the current quotes and continues to decline. The MACD indicator shows the histogram growing and approaching the neutral level. If the histogram starts to decline, this will be the first signal for a reversal and a potential continuation of the downtrend. Thus, in the short term, there is an attempt to rebound, but the overall pressure remains bearish, and to confirm the reversal, it is necessary to see a confident consolidation above 0.5645 with an increase in volumes and an increase in bullish dynamics.
Resistances are at: 0.5577, 0.5626, 0.5645
Support levels are at: 0.5507, 0.5486, 0.5400
The main scenario for the pair's movement implies a breakthrough of support 0.5486 and there may be a decline to the psychological level of 0.5400
An alternative scenario implies a breakthrough of resistance 1.5645 (maximum of April 7) and there may be growth to MA (200) H1 (0.5665)
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