NZD/USD shows recovery

Today, on the hourly chart, the NZD/USD pair is showing recovery, trading above the MA (200) H1 moving average, which indicates a change in the short-term trend to an upward one. After the breakdown of the resistance level of 0.5925, the price reached the 0.5955 zone, from which a correction is observed. Nevertheless, the growth structure remains stable, and as long as the pair remains above 0.5925, the bullish scenario remains relevant. The MACD indicator remains in the positive zone, although the histogram has decreased slightly, which may indicate a local overheating of the market, but does not cancel out the overall upward momentum. In case of consolidation above 0.5955, the next target will be the 0.5970–0.5975 zone. A loss of the 0.5925 level may lead to a deeper correction to the 0.5895 area, but for now the momentum is on the buyers' side.

Resistances are at the marks: 0.5955, 0.5970-75, 0.6020

An alternative scenario: 0.5925, 0.5895, 0.5860

The main scenario of the pair's movement implies a breakout of the session low of 0.5925 and there may be a decline to 1.5895 (May 20 low) 

An alternative scenario suggests a breakout of the session high of 0.5955 and there may be an increase to 0.5970-75 (May 8 and 14 highs)