Quotes of the currency pair New Zealand Dollar are ending the trading week within the framework of a decline near the level of 0.5974 and the formation of the “Triangle” pattern. The moving averages indicate the presence of a bearish trend for the pair. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the currency pair and a potential continuation of the fall from the current levels on the market. At the moment, we should expect an attempt to develop the fall of the currency pair on Forex and a test of the support area near the level of 0.5895. Then, an upward rebound and continued growth of the currency pair with a potential target above the level of 0.6445.
NZD/USD Forecast and Analysis August 5 — 9, 2024
An additional signal in favor of the growth of the NZD/USD currency pair will be a test of the bullish trend line on the relative strength indicator (RSI indicator). The second signal will be a rebound from the lower border of the “Triangle” pattern. The cancellation of the growth option for the pair’s quotes in the current trading week of August 5 — 9, 2024 will be a fall and a breakout of the 0.5715 area. This will indicate a breakout of the support area and a continuation of the fall of the NZD/USD pair with a potential target below the 0.5505 level. The growth of the currency pair on Forex will be confirmed by a breakout of the resistance area and closing of quotes above the 0.6155 area, which will indicate a breakout of the upper border of the “Triangle” pattern and the beginning of the pattern with targets at the top.
NZD/USD Forecast and Analysis August 5 — 9, 2024 suggests an attempt to develop a bearish correction and test the support level near the 0.5895 area. Then, the NZD/USD pair will continue to grow to the area above the 0.6445 level. An additional signal in favor of growth will be a test of the trend line on the relative strength indicator. The cancellation of the upside option for the pair will be a fall and closing of NZD/USD quotes below the level of 0.5715. In this case, we should expect a continuation of the decline of the currency pair with a target below the level of 0.5505.
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