NZD/USD rose to a 4-month high

Today, the NZD/USD pair has a steady upward momentum on the hourly chart. The price broke through and confidently consolidated the MA (200) H1 moving average (0.5685), which signals a change in the medium-term trend from a downward to an upward one. After a long flat and decline in the area of late March and early April, the quotes turned up from the support of 0.5485 and began to form a series of rising lows and highs. The last impulse allowed the price to overcome the key resistance levels at 0.5625 and 0.5685, and then 0.5765, which can now act as a support level with a possible correction. The current price is approaching the 4-month high of 0.5895. There is some consolidation and a slowdown in growth in this zone, which may indicate the formation of a local overbought. The MACD indicator remains in the positive zone, which confirms the presence of bullish momentum. However, the histogram has begun to narrow, which may signal a decrease in the growth rate and the approach of a corrective pullback.

Resistances are at the marks: 0.5895, 0.5930, 0.5980

An alternative scenario: 0.5765, 0.5685 0.5625

The main scenario of the pair's movement implies a breakout of the session high of 0.5895 (Dec 9 high) and then it may be to 0.5930 (Nov 29 high)

The alternative scenario assumes a breakout of 1.5765 (March 21, 26, and April 10 high), a decline to MA (200) H1 (0.5685), and then maybe to 0.5625 (April 10 low)