NZD/USD drops to near monthly low

There is a downtrend on the NZD/USD hourly chart today. After forming a local maximum near the 0.6020 level, the price reversed and began to decline, breaking through important support levels at 0.5975, 0.5940 and 0.5895. The price is currently trading near an almost monthly low, while testing support at 0.5860. The MA (200) H1 moving average is located above the current price and has a downward slope, which confirms the dominance of sellers. The earlier growth attempt was stopped at the resistance area of 0.5940, followed by a sharp decline.

The MACD indicator shows an increase in bearish momentum: the histogram has dropped below zero, the MACD and signal lines have crossed from top to bottom, indicating the growing strength of sellers. This confirms the current downward pressure and the continuing downward potential. As long as the price remains below MA (200) H1 and under pressure, the priority remains for sales.

Resistances are at the marks: 0.5895, 0.5940, 0.5975

An alternative scenario: 0.5860, 0.5830, 0.5755

The main scenario of the pair's movement implies a breakout of the session low of 0.5860 and there may be a decline to 1.5830 (April 14 low) 

An alternative scenario suggests a breakout of the European session high of 0.5910 and there may be an increase to 0.5940 (May 9 high, MA (200) H1