Quotes of the New Zealand Dollar to US Dollar NZD/USD complete the trading week near the area of 0.6588. Moving averages indicate a bearish trend in the pair. However, prices broke through the area between the signal lines, which indicates pressure from buyers. At the moment, we should expect an attempt to fall and test the support area near the level of 0.6425. Then continued growth of the currency pair with a potential target above the level of 0.7135.
NZD/USD Forecast and Analysis December 16 — 20, 2019
In favor of the growth of the NZD/USD currency pair, a test of the broken support line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of growth of quotations in the current trading week of the week of December 16 – 20, 2019 will be a fall and a breakdown of the area of 0.6235. This will indicate a breakdown of the support area and the continued fall of the NZD/USD pair with a potential target below the level of 0.5945. A confirmation of the growth of the currency pair on Forex will be a breakdown of the upper border of the downward channel and closing quotes above the area of 0.6815.
Among the important news from New Zealand that may have an impact on the rate of the New Zealand Dollar, it is worth highlighting: New Zealand Gross Domestic Product (GDP) q/q.
NZD/USD Forecast and Analysis December 16 — 20, 2019 suggests an attempt to test the support level near the area of 0.6425. Further, the continuation of the fall of the NZD/USD pair to the area above the level of 0.7135. An additional signal in favor of growth will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option for the pair will be the fall and closing of NZD/USD quotes below the level of 0.6235. In this case, we should expect continued decline with a target below the level of 0.5945.
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