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- NZD/USD remains below MA (200) H1
NZD/USD remains below MA (200) H1
Today, the NZD/USD pair is trading in the range of 0.5680-0.5720. On the hourly chart, the pair continues its downward movement, trading below the MA (200) H1 moving average line (0.5740), which confirms the predominance of the bearish trend. The nearest support level is around 0.5680, its breakdown may strengthen the decline towards lower values. Resistance is located in the 0.5735-40 zone, and until the price can gain a foothold above these levels, the probability of further decline remains high. The MACD indicator shows an increase in the downward momentum, which confirms the current bearish trend. In the case of corrective growth, the level of 0.5735 will become an important guideline, but the main direction remains downward.
Resistances are at the marks: 0.5735-40, 0.5765-70, 0.5830
An alternative scenario: 0.5680, 0.5635, 0.5585
The main scenario of the pair's movement implies a breakout of the support 0.5680 (March 11 low, session low) and there may be a decline to 0.5635 (March 5 low)
The alternative scenario assumes an increase to 0.5735-40 (March 28 high, MA (200) H1) and there may be an increase to 0.5765-70 (March 20 and 26 highs)
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