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- NZD/USD declines and tests MA (200) H1
NZD/USD declines and tests MA (200) H1
Today, the NZD/USD pair is declining from 0.5820 to 0.5735 after reaching a new 3-month high of 0.5830 this week. Currently, the price has broken through the 0.5775 support level and is moving towards the MA (200) H1 moving average line (0.5750), which is near the current price of 0.5735. If the price consolidates below this level, it may increase the pressure on the asset and lead to a decline to the next support level of 0.5680. The MACD indicator shows an increase in the downward momentum, which confirms the likelihood of further decline. In case of a return above 0.5775, buyers may try to regain control and test the high of 0.5830. In general, the current situation indicates a corrective downward movement within a broader uptrend.
Resistances are at the marks: 0.5775, 0.5830, 0.5890
An alternative scenario: 0.5680, 0.5635, 0.5585
The main scenario of the pair's movement implies a breakout of 0.5775 (March 19 low) and an increase of 0.5830 (March 18 high).
The alternative scenario assumes a decline to 0.5680 (March 11 low)
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