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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 0.5715-65. There is an upward movement on the hourly chart, but the price is facing resistance around 0.5770, which coincides with the MA (200) H1 moving average line (0.5765). This level represents a key barrier to further growth. If there is an upward breakout, the next target is around 0.5830. In case of a rebound, a return to the 0.5710 support and further to 0.5680 is possible. The MACD indicator shows an increasing bullish momentum, which may indicate an attempt to break through the resistance. However, it should be borne in mind that the price has already tested the 200 SMA several times, but has not been able to gain a foothold above it. In general, the market remains in uncertainty, and further movement will depend on the price reaction to key levels.
Resistances are at the marks: 0.5770, 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 0.5770 (March 21 high) and there may be an increase to 0.5830 (March 18 high)
An alternative scenario suggests a breakout of the support 0.5710 (March 24-25 low) and a possible decline to 0.5680 (March 11 low)
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