NZD/USD holds above MA (200) H1

On the hourly chart of the NZD/USD pair, there is a gradual decrease after the formation of a local maximum around 0.6065. The price has dropped to the 0.6020 support level, which coincides with the MA (200) H1 moving average, and is still holding above it. This is a critical zone for the current structure, as its breakdown may accelerate the decline to the next levels of 0.6005 and 0.5985. The current dynamics indicate a weakening of the bullish momentum, despite the overall hold above the moving average. The MACD indicator goes deeper into the negative zone, and the histogram shows a steady decline, which indicates continued pressure from sellers. The lack of active purchases after the recent decline confirms the uncertainty and possible trend change towards a downward correction. If the pair does not stay above 0.6020, a shift towards a bearish scenario is likely.

Resistances are at the marks: 0.6065-80, 0.6110, 0.6150

An alternative scenario: 0.6020, 0.5985-0.6005, 0.5945

The main scenario of the pair's movement implies a breakout of 1.6065-80 (June 5 and 9 highs) and there may be an increase to 0.6110 (October 15’ 2024 high) 

An alternative scenario suggests a breakout of the session low of 0.6020 and there may be a decline to 0.6005 (June 6 low) and 0.5985 (June 3 low).