NZD/USD dropped below MA (200) H1

Consolidation is observed on the hourly chart of NZD/USD today. Since April 25, the pair began to form a lateral consolidation, and then gradually moved to a decline, consolidating below the MA (200) H1 moving average, which signals a possible trend change. The 0.5965 level now acts as a resistance, from which the price has bounced down several times. The nearest support is in the area of 0.5885, the breakdown of which may open the way to lower levels - 0.5830 and 0.5755. The MACD indicator shows weak dynamics, the histogram fluctuates near the zero line, signaling a loss of momentum. The overall situation indicates a possible market transition into a correction phase or the beginning of a downward movement in the event of a further decline below local support levels.

Resistances are at the marks: 0.5965, 0.6000, 0.6030

An alternative scenario: 0.5885, 0.5830, 0.5755

The main scenario of the pair's movement implies a breakout of 1.5885 (April 16 low) and there may be a decline to 0.5830 (April 14 low)

An alternative scenario assumes a breakout of MA (200) H1 (0.5965) and there may be an increase to 0.6000 (April 24-25 high)