NZD/USD shows moderate recovery

On the hourly chart, the NZD/USD pair shows a moderate recovery after the decline recorded earlier. The price is gradually rising from the support area around 0.5960–0.5975 and is currently trading near 0.6015. It can be seen that an upward movement has been developing in recent hours, accompanied by an increase in the MACD histogram, which confirms the presence of bullish momentum. At the same time, the price remains below the MA (200) H1 moving average, which indicates a continuing overall downward trend. The resistance is around 0.6035, its breakdown will open the way to the next target at 0.6080. Support is located at 0.5975, and its breakdown may increase the selling pressure with a target of 0.5915. Thus, in the short term, the pair is showing signs of recovery, but the overall bearish pressure remains as long as the price remains below MA (200) H1.

Resistances are at the marks: 0.6035, 0.6060, 0.6095

An alternative scenario: 0.5960-75, 0.5915, 0.5880

The main scenario of the pair's movement implies a breakout of the support 0.5960-70 (lows of June 19 and July 8) and there may be a decline to 0.5915 (low of the Asian session on June 23) 

An alternative scenario suggests a breakout of the resistance 0.6035 (July 8 high) and there may be an increase to 0.6060 (July 7 high)