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- NZD/USD is showing a moderate recovery attempt.
NZD/USD is showing a moderate recovery attempt.
Today, on the hourly chart, NZD/USD is showing a moderate attempt to recover after breaking through the 0.5860 support level and reaching a local low near 0.5845. The current price is trading around 0.5900, while the upward pullback momentum has weakened, and the quote is approaching the resistance zone of 0.5920-25, where the MA (200) H1 moving average also passes. This area is a key area for assessing the future direction of movement.
The MACD indicator is in a positive zone, which signals a short-term bullish momentum, but the histogram is starting to decline, which may indicate a slowdown in growth. The technical picture remains neutral, with an attempt to form a bullish correction within the downtrend.
Resistances are at the marks: 0.5920-25, 0.5970-75, 0.6020
An alternative scenario: 0.5845-60, 0.5755, 0.5630
The main scenario of the pair's movement implies a decrease to 0.5860 (May 15 low) and there may be a decrease to 1.5845 (May 12-13 low)
An alternative scenario assumes a breakout of the session high of 0.5920 and MA (200) H1 (0.5925) and there may be an increase to 0.5970-75 (May 8 and 14 high)
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