NZD/USD shows recovery

Today, on the hourly chart, the NZD/USD pair is showing a steady upward movement that started from the 0.5890 area and accelerated after the breakdown of the MA (200) H1 moving average (0.5920), which confirms the change of the short-term trend to bullish. At the moment, the price reached the resistance of 0.6030, from which there is a slight correction, but the current location above all key levels retains the predominance of buyers. The support area is 0.5970, and in case of its breakdown, the next level of demand may be the 0.5920 zone, where the moving average runs. The MACD remains in the positive zone, although the histogram has begun to decline, which may indicate a weakening of the upward momentum and the likelihood of a pullback in the coming hours. However, as long as the price holds above 0.5920, corrections will be seen as potential opportunities for renewed growth. Consolidation above 0.6030 will open the way to new highs, while the priority remains on the side of the bulls while maintaining the current technical structure.

Resistances are at the marks: 0.6030, 0.6060, 0.6085

An alternative scenario: 0.5970, 0.5920, 0.5890

The main scenario of the pair's movement implies a breakout of the session high of 0.6030 and there may be an increase to 1.6060 (Oct 22 high, 2024) 

The alternative scenario assumes a decrease to 0.5970 (May 14 and 21 high) and there may be a decrease to MA (200) H1 (0.5920)