There is a moderate upward movement on the NZD/USD

Today, the hourly chart of NZD/USD shows the development of an upward correction after the previous downward trend. The price rebounded from the local low around 0.5895 and rose steadily, breaking through the resistance levels of 0.5940, as well as the moving average, which now acts as support. The moving average shows signs of an upward reversal, which confirms the shift of the short-term trend towards the bulls. Consolidation above it indicates a change in market expectations in favor of further growth. The nearest resistance level is the 0.6020 zone, the breakdown of which may lead to an acceleration of the upward momentum. The MACD indicator with parameters shows a gradual weakening of the bullish momentum: the histogram decreases after the recent peak, but remains in the positive zone for now. This indicates a possible short-term correction or a consolidation phase before a new move.

The overall technical picture demonstrates the completion of the decline phase and the formation of a new upward trend, however, the current price behavior near the 0.5980 level will be critical for determining the further direction of movement.

Resistances are at the marks: 0.6020-30, 0.6060, 0.6085

An alternative scenario: 0.5980, 0.5940, 0.5830

The main scenario of the pair's movement implies a breakout of 1.6020-30 (April 22 high, session maximum) and there may be an increase to 0.6060 (Oct 10’ 2024 high)

An alternative scenario suggests a breakout of the session low of 0.5980 and there may be a decline to 0.5940 (May 5-6 low)