NZD/USD is testing MA (200) H1

Today, on the hourly chart, NZD/USD is showing recovery after reaching a local low near 0.5845. The quotes have overcome the 0.5930 level and are currently trading around 0.5950, facing resistance in the 0.5970–0.5975 area. The upward movement is accompanied by a breakdown of the MA (200) H1 moving average from the bottom up, which is a positive technical signal.

The MACD indicator maintains a positive zone and remains on the rise, confirming the bullish momentum. However, the histogram is starting to narrow slightly, which may indicate a weakening of the current upward pressure and a possible short-term consolidation.

The main support is the 0.5930 area, a breakdown of which downwards may signal a resumption of downward pressure with a target of 0.5895. The resistance is at 0.5975; its breakdown may open the way to 0.6020 and 0.6030. As long as the price remains above the MA (200) H1 and the support at 0.5930, the growth potential remains. However, to confirm further upward movement, the market needs to overcome 0.5975 on increased volumes.

Resistances are at the marks: 0.5970-75, 0.6020-30, 0.6060

An alternative scenario: 0.5930, 0.5895, 0.5845

The main scenario of the pair's movement implies a breakout of the session low of 0.5930 and there may be a decline to 1.5895 (May 1 low) 

An alternative scenario assumes a breakout of 0.5970-75 (May 8 high, session high) and there may be an increase to 0.6020-30 (April 22 and May 6 highs)