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- NZD/USD is testing MA (200) H1
NZD/USD is testing MA (200) H1
Today, the NZD/USD pair has a volatile sideways trend on the hourly chart with signs of a local weakening of the upward momentum. After reaching a local maximum near the 0.5975 level, the price turned down and broke through the MA (200) H1 moving average, which may indicate a change in the short-term trend. The MACD indicator shows the development of a downward momentum, the histogram has dropped below zero, which confirms the predominance of bearish sentiment. The absence of signs of a reversal at the moment speaks in favor of further pressure on the pair.
The technical picture indicates an increase in bearish dynamics in the short term. If the 0.5895 support does not hold, this will increase the likelihood of further decline. A return above 0.5940 and consolidation above the moving average will be able to return the bullish scenario.
Resistances are at the marks: 0.5940, 0.5970-75, 0.6020
An alternative scenario: 0.5895, 0.5860, 0.5845
The main scenario of the pair's movement implies a breakout of the session low of 0.5895 (May 20 low) and there may be a decline to 1.5860 (May 15 low)
An alternative scenario suggests a breakout of the session high of 0.5940 and there may be an increase to 0.5970-75 (May 8 and 14 highs)
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