NZD/USD shows a moderately downward trend

On the hourly chart, the NZD/USD pair is showing a moderately downward trend, trading below the MA (200) H1 moving average, which acts as a dynamic resistance around 0.6045. Attempts to recover near this zone are encountering resistance, which indicates continued selling pressure. The current price has stabilized near the 0.6020 level, but failure to overcome the above moving average may increase the likelihood of a return to support at 0.5995 and, in case of a breakdown, to 0.5975. The MACD indicator remains weak: despite a slight exit into the positive zone, the histogram indicates a slowdown in the bullish momentum. If buyers fail to gain a foothold above 0.6045, it is likely that the downward movement will resume with the nearest targets at 0.5960 and 0.5915. The overall technical picture remains neutral-bearish, with the key resistance level remaining at 0.6080–0.6120.

Resistances are at the marks: 0.6045, 0.6060, 0.6095

An alternative scenario: 0.5995, 0.5960-75, 0.5915

The main scenario of the pair's movement implies a breakout of the support 0.5995 (July 10 low) and there may be a decline to 0.5960-70 (June 19 and July 8 lows).

An alternative scenario suggests a breakout of the session high of 0.6045 and there may be an increase to 0.6060 (July 7 high)