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- NZD/USD demonstrates an attempt to recover from the recent decline
NZD/USD demonstrates an attempt to recover from the recent decline
Today, the NZD/USD pair is mainly growing in the range of 0.5710-50 and is showing an attempt to recover from the recent decline. The pair may test the MA (200) H1 moving average (0.5760), which is currently acting as a resistance. Consolidation above 0.5760 may strengthen the upward momentum and lead to a test of the next level of 0.5770, and then 0.5830. In case of a downward pullback, the nearest support is located at 0.5710, and its breakdown may increase the selling pressure and send the price to 0.5680. The MACD indicator has started to show signs of growth, indicating a possible weakening of bearish pressure. However, to confirm the upward movement, it is necessary to firmly consolidate above the 200-hour moving average.
Resistances are at the marks: 0.5760-70, 0.5830, 0.5890
An alternative scenario: 0.5710, 0.5680, 0.5635
The main scenario of the pair's movement implies a breakout of 0.5760-70 (March 21 high, MA (200) H1) and there may be an increase of 0.5830 (March 18 high)
An alternative scenario suggests a breakout of the session low of 0.5710 and there may be a decline to 0.5680 (March 11 low)
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