NZD/USD remains below MA (200) H1

Today, the NZD/USD pair is trading in different directions: since the beginning of trading, it has decreased from 0.5615 to a 3-year low of 0.5515, but soon rose to 0.5585. On the hourly chart, the MA (200) H1 (0.5660) moving average remains below the line, and on the four-hour chart, the pair is testing the MA (200) H4 (0.5640). Based on the above, it is probably worth starting to stick to the southern direction in trading and as long as the pair remains below the MA 200 H1, it is necessary to look for entry points to sell. Technically speaking, the 0.5515 support has kept the pair from further decline so far. The upper limit of 0.5615 represents a strong resistance level.

Resistances are at the marks: 0.5615-20, 0.5760, 0.5685

An alternative scenario: 0.5515, 0.5500, 0.5400

The main scenario of the pair's movement assumes a breakout of the session low of 0.5515 (Oct 13’ 2022 low) and there may be a decrease to the psychological level.

An alternative scenario implies a breakout of the 0.5615-20 resistance (Jan 21 and 30 lows, session high), an increase to MA (200) H1 (0.5760) and then, maybe, to 0.5685 (Jan 31 high)