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- NZD/USD remains below MA (200) H1
NZD/USD remains below MA (200) H1
On the hourly chart, the NZD/USD pair remains under pressure, trading below the MA (200) H1 moving average, which confirms the ongoing bearish trend. After an attempt to recover, the quotes failed to overcome the resistance around 0.5990 and turned down. Support is located at 0.5940, the breakdown of which will open the way to 0.5905. The MACD indicator began to turn downwards after a weak upward correction, which indicates a decrease in the momentum of buyers. The technical picture remains negative, and with continued selling pressure, a continuation of the downward movement is possible.
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)
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