NZD/USD rose above MA (200) H1

Today, the NZD/USD pair is steadily recovering on the hourly chart after a prolonged period of decline. After testing the support at 0.5485, the quote formed a reversal and began to grow rapidly. The price confidently broke through the levels of 0.5625, as well as the MA (200) H1 moving average (0.5670), which previously indicated a downward trend. At the moment, the price has consolidated above the level of 0.5755 and is approaching the local resistance of 0.5855. The MACD indicator confirms the strength of the upward momentum: the histogram is confidently in the positive zone, showing growth, which signals the dominance of buyers. There is a steady bullish momentum that shows no signs of weakening yet. From a technical point of view, a breakdown of 0.5765 and consolidation above it opens the way to a test of the 0.5855 level. If this resistance is overcome, the upward movement may continue. At the same time, a pullback to the 0.5765 area is possible to test as support, especially given the overbought MACD. As long as the price remains above the moving average and a strong bullish momentum persists, the priority remains on the buyers' side.

Resistances are at the marks: 0.5855, 0.5890, 0.5930

An alternative scenario: 0.5765, 0.5670 0.5625

The main scenario of the pair's movement implies an increase to 0.5855 (April 3 high) and then it may be to 0.5890 (Dec 9 high)

The alternative scenario assumes a breakout of 1.5765 (March 21, 26, and April 10 high), a decline to MA (200) H1 (0.5670), and then maybe to 0.5625 (April 10 low)