NZD/USD declines and tests MA (200) H1

Today, on the hourly chart of the NZD/USD currency pair, the price is declining from 0.5740 to 0.5685 and approached the MA (200) H1 moving average line (0.5690), which acts as a dynamic support. If the price consolidates below the 0.5675 level, it may strengthen the bearish momentum and lead to a decline to the next support level at 0.5635. In case of a rebound from the current levels, an increase to the nearest resistance at 0.5740 is possible, and a breakdown of this level will open the way to 0.5750-79. The MACD indicator shows a decrease, and the histogram goes into the negative zone, which indicates a possible intensification of the downward movement. However, if the price holds above MA (200) H1, this may lead to an attempt to reverse and rise to the nearest resistance levels.

Resistances are at the marks: 0.5740, 0.5760-70, 0.5790

An alternative scenario: 0.5675, 0.5635, 0.5585

The main scenario of the pair's movement implies a breakout of the support 0.5675 (March 11 low) and there may be a decline to 0.5635 (March 5 low)

The alternative scenario still assumes an increase to 0.5740 (March 10 high) and there may be an increase to the area of 0.5760-70 (Feb 21 and March 6 highs).