NZD/USD rose to a 5-month high

Today, the NZD/USD pair has a steady upward momentum on the hourly chart. The price has firmly consolidated above the MA (200) H1 moving average (0.5705), which signals a change in the medium-term trend from downward to upward. After a long flat and decline in the area of late March and early April, the quotes turned up from the support of 0.5485 and began to form a series of rising lows and highs. The current price is approaching the 4-month high of 0.5930. There is some consolidation and a slowdown in growth in this zone, which may indicate the formation of a local overbought. The MACD indicator remains in the positive zone, which confirms the presence of bullish momentum. However, the histogram has begun to narrow, which may signal a decrease in the growth rate and the approach of a corrective pullback. As long as the price remains above MA (200) H1 and the upward structure remains, the priority remains on the buyers' side.

Resistances are at the marks: 0.5930, 0.5980, 0.6035

An alternative scenario: 0.5830, 0.5755 0.5705

The main scenario of the pair's movement implies a breakout of the session high of 0.5930 (Nov 29 high) and then it may be to 0.5980 (Nov 11 high)

An alternative scenario suggests a breakout of 1.5830 (April 14 low), there may be a decline to 0.5755 (low of the European session on April 11)