NZD/USD tests MA (200) H1

Today, on the hourly chart, the NZD/USD is showing signs of weakening after the upward momentum that has been developing since April 17th. After reaching a maximum at 0.6030, the price failed to gain a foothold above the 0.6000 resistance and began to decline. At the moment, the quote is trading at 0.5960, being near the MA (200) H1 moving average, which indicates an important support zone and a possible denouement of the movement in the near future.

The current dynamics indicate a decline, and if the price fixes below the moving average, this may signal a deeper correction up to the levels of 0.5925 and beyond 0.5885. On the contrary, if there is a rebound from current levels and a return above 0.6000, the bullish scenario may resume with the prospect of retesting 0.60308.

The MACD indicator shows negative values, and the histogram goes into the red zone, which confirms the increasing selling pressure and weakening bullish momentum. Overall, the technical picture is currently neutral and bearish. The fate of the short-term trend will be determined around the 200-period moving average, and careful monitoring of this level is critical for assessing further movement.

Resistances are at the marks: 0.6000, 0.6030, 0.6060

An alternative scenario: 0.5925, 0.5885, 0.5830

The main scenario of the pair's movement implies a breakout of the session high of 0.6000 (April 24 high) and there may be an increase to 0.6030 (April 22 high)

An alternative scenario suggests a breakout to 1.5925 (April 18 low) and a possible decline to 0.5885 (April 16 low)