The quotes of the currency pair NZD/USD continue to move within the framework of growth development and the formation of the “Head and Shoulders” reversal pattern. The moving averages indicate the presence of a short-term downward trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from sellers of the currency pair and a potential continuation of the fall in the value of the instrument from the current levels. At the time of publication of the Forex forecast, the New Zealand Dollar to the US Dollar exchange rate is 0.5698. At the moment, we should expect an attempt to continue the decline and a test of the support level near the area of 0.5575. Further, within the framework of the forecast and Forex analytics for tomorrow, a price rebound upwards is expected and an attempt to develop the growth of the currency pair to the area above the level of 0.5885.
NZDUSD Forecast and Analysis for February 6, 2025
An additional signal in favor of the rise of the NZD/USD currency pair on Forex will be a test of the trend line on the relative strength indicator (RSI). The second signal in favor of this scenario will be a rebound from the lower border of the “Head and Shoulders” reversal pattern. The cancellation of the growth option of the New Zealand Dollar quotes in the US Dollar pair on Forex will be a fall in price and a breakout of the 0.5505 level. This will indicate a breakout of the support area. In this case, the pair will continue to fall to the area below the 0.5345 level. Confirmation of the growth of the NZD/USD currency pair should be expected with a breakout of the resistance area and closing of quotes above the 0.5725 level, which will indicate a breakout of the upper border of the descending channel.
NZDUSD Forecast and Analysis for February 6, 2025 suggests an attempt to test the support area near the level of 0.5575. From where we should expect continued growth of quotes to the area above the level of 0.5885. An additional signal in favor of the rise will be a test of the support line on the relative strength indicator. The cancellation of the growth option for the NZD/USD pair will be a fall in price and a breakout of the level of 0.5505. In this case, we should expect a continuation of the decline of the pair with a potential target below the level of 0.5345.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
