NZD/USD is experiencing a strong downtrend

There is a strong downward trend on the hourly chart of the NZD/USD pair. The price is steadily trading below the MA (200) H1 moving average, which is also pointing downwards, confirming the bearish sentiment. The pair broke through the important support level of 0.5970 and is now below it, testing the 0.5940 level. The next significant support level is located at 0.5915. The MACD indicator is in the negative zone, and its histogram shows mainly red bars, which indicates a strong bearish momentum and the dominance of sellers. Despite a slight decrease in the size of the last red MACD bars, which may signal a slight slowdown in the downward momentum or a potential correction, the overall picture remains confidently bearish. If the decline continues, the target may be the level of 0.5915 and further 0.5880. To reverse the trend, the pair needs to confidently break through and gain a foothold above 0.5970, which so far seems unlikely in the current situation.

Resistances are at the marks: 0.5970, 0.6015, 0.6045

An alternative scenario: 0.5915, 0.5880, 0.5860

The main scenario of the pair's movement implies a breakout of the support 0.5915 (the low of the Asian session on June 23) and there may be a decline to 0.5880 (June 23 low)

An alternative scenario suggests a breakout of the session high of 0.5970 (July 14 low) and there may be an increase to 0.6015 (July 14 high)