NZD/USD remains above MA (200) H1

Today, the NZD/USD pair is mostly declining from 0.5820 to 0.5780, having reached a new 3-month high of 0.5830 yesterday. There is a steady upward trend on the hourly chart, which began after the breakdown of the 0.5680 level and consolidation above the MA (200) H1 moving average line (0.5740). Currently, the price is in a corrective phase after reaching a local maximum around 0.5830. Support is located at 0.5780, which acts as the nearest demand zone. If the price stays above this level, it is likely to resume growth with the aim of retesting 0.5830. In the event of a breakdown of support, the downward movement may continue to 0.5740, where dynamic support in the form of a 200-period average is taking place. The MACD indicator shows a decrease in the histogram, which signals a possible weakening of the bullish momentum. However, for now, the overall trend remains upward, and if consumer activity persists, the price may continue to rise after the correction is completed.

Resistances are at the marks: 0.5830, 0.5890, 0.5930

An alternative scenario: 0.5780, 0.5740, 0.5680

The main scenario of the pair's movement implies a breakout of the resistance 0.5830 (March 18 high) and there may be an increase to 0.5890 (Dec 5-9 high)

An alternative scenario suggests a breakout of the session low of 0.5780 (Feb 21-24 high) and there may be a decline to MA (200) H1 (0.5740).