NZD/USD remains below MA (200) H1

The hourly chart of the NZD/USD pair shows a pronounced downward trend, which prevailed for most of July, as evidenced by the price movement well below the MA (200) H1 moving average, which is also directed downward. The pair broke through several support levels, reaching new lows. However, in recent hours, there has been an active corrective growth: the price has rebounded from recent lows and is approaching resistance levels. The MACD indicator at the bottom of the chart shows that the histogram has moved into the green zone and is growing, and the signal line is steadily moving up, which indicates the formation of a strong upward momentum in the short term. The nearest resistance levels, which may limit further recovery, are located around 0.5980 and 0.5995. If the upward correction continues, the next significant levels will be 0.6015 and 0.6040. Support levels are near 0.5940 and 0.5925. The current movement is probably a strong correction within the overall downtrend.

Resistances are at the marks: 0.5980, 0.6015, 0.6045

An alternative scenario: 0.5940, 0.5905, 0.5880

The main scenario of the pair's movement implies a breakout of the 0.5940 support (July 15 low) and a possible decline to 0.5905 (May 17 low)

An alternative scenario suggests a breakout of the session high of 0.5980 and there may be an increase to 0.6015 (July 14 high)