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- NZD/USD demonstrates an upward reversal attempt
NZD/USD demonstrates an upward reversal attempt
Today, on the hourly chart, NZD/USD is showing an attempt to turn up after forming a local bottom in the support area of 0.5845. The price is steadily rising and is currently testing the MA (200) H1 moving average and the 0.5920 resistance zone. A successful consolidation above these levels will pave the way to the next resistance in the area of 0.5970-75. At the same time, the 0.5880 level acts as the nearest support, the retention of which will maintain the upward momentum. The MACD indicator is in a positive zone and continues to build bullish momentum, which confirms the current upward movement. However, until the price overcame the moving average and gained a foothold above the 0.5920 zone, the risks of a pullback or consolidation remain.
Resistances are at the marks: 0.5920, 0.5970-75, 0.6020
An alternative scenario: 0.5880, 0.5845-60, 0.5755
The main scenario of the pair's movement implies a decline to the session low of 0.5880 and then, perhaps, to 1.5845-60 (May 12-13 and 15 low)
An alternative scenario suggests a breakout of the session high of 0.5920 and there may be an increase to 0.5970-75 (May 8 and 14 high)
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