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- NZD/USD dropped below MA (200) H1
NZD/USD dropped below MA (200) H1
Today, the hourly chart of the NZD/USD currency pair shows a sharp decline after reaching the level of 0.5855. The price has broken through several key support levels, including 0.5800 and 0.5725, and is currently trading around 0.5635. The MA (200) H1 moving average (05725), which previously served as support, now acts as resistance. The MACD indicator shows an increase in the bearish momentum with an increase in the negative histogram, which confirms the continuation of the downtrend. The nearest support is located at 0.5610, and resistance is in the 0.5725 zone. If the current dynamics are maintained, a further decline to 0.5610 is likely, but short-term corrective pullbacks are possible.
Resistances are at the marks: 0.5725, 0.5800, 0.5855
An alternative scenario: 0.5610, 0.5585, 0.5515
The main scenario of the pair's movement implies a breakout of the session low of 0.5610 and there may be a decline to 0.5585 (Feb 28 low)
An alternative scenario suggests an increase to MA (200) H1 (1.5725) and then, perhaps, to the session high of 0.5800
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