NZD/USD remains below MA (200) H1

On the hourly chart, the NZD/USD pair shows a downward trend, which has been noticeable since the beginning of July. The price is trading below the MA (200) H1 moving average, which confirms the dominant bearish momentum. The current price is around 0.5970. The nearest resistance levels, marked with red horizontal lines, are located at 0.5995 and 0.6015. The immediate support is at 0.5940 and then at 0.5905. The MACD indicator at the bottom of the chart shows that the bullish momentum observed after July 16 is weakening: the histogram is decreasing, and the indicator lines seem to be preparing to cross down, which may signal a continuation of the downward movement. If the price fails to break through the 0.5995 resistance and the 200-period moving average, there is a high probability of a further decline to the previously reached lows. However, if the price breaks through the MA (200) H1 moving average upwards, this may indicate a possible trend change or a deeper upward correction.

Resistances are at the marks: 0.5990, 0.6015, 0.6045

An alternative scenario: 0.5940, 0.5905, 0.5880

The main scenario of the pair's movement implies a breakout of the support 0.5940 (July 15 low) and a possible decline to 0.5905 (May 17 low)

The alternative scenario assumes a breakout of the resistance of 0.5990 (July 18 high) and there may be an increase to 0.6015 (July 14 high)