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- NZD/USD is under strong pressure
NZD/USD is under strong pressure
On the hourly chart, the NZD/USD pair is under strong bearish pressure, steadily declining after the breakdown of support at 0.5935. The price is trading well below the MA (200) H1 moving average, which confirms a steady downward trend. The downward momentum is intensifying, and at the moment the quotes have reached the area of 0.5880, where buyers' attempts to stop the decline have so far been unsuccessful. The MACD indicator shows a growing negative histogram, signaling a persistent seller and no signs of a reversal. The nearest resistance is now located around 0.5935, and only its breakdown will be able to mitigate the current pressure. If the downward momentum continues, the next target may be the level of 0.5850 or lower.
Resistances are at the marks: 0.5935, 0.6010, 0.6055
An alternative scenario: 0.5880, 0.5845-60, 0.5830
The main scenario of the pair's movement implies a breakout of the session low of 0.5880 and there may be a decline to 0.5845-60 (May 12-13 and May 15 lows)
An alternative scenario suggests a breakout of the European session high of 0.5935 and there may be an increase to 0.6010 (June 20 high)
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