Quotes of the New Zealand Dollar to US Dollar NZD/USD complete the trading week near the area of 0.6432. Moving averages indicate a downward trend in the pair. Prices returned under the signal lines, indicating pressure from the sellers of the currency pair and a potential continuation of the decline. At the moment, we should expect an attempt to grow the pair and test the resistance area near the level of 0.6555. Then, a rebound and continued fall of the currency pair with a potential target below the level of 0.5965.
NZD/USD Forecast and Analysis February 17 — 21, 2020
In favor of reducing the NZD/USD currency pair, a test of the resistance line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the option of falling quotes in the current trading week of the week of February 17 — 21, 2020 will be a strong growth and a breakdown of the area of 0.6785. This will indicate a breakdown of the resistance area and continued growth of the NZD/USD pair with a potential target above the level of 0.7165. A confirmation of the fall of the currency pair on Forex will be a breakdown of the support area and closing of quotations below the area of 0.6305.
NZD/USD Forecast and Analysis February 17 — 21, 2020 suggests an attempt to test the resistance level near the area of 0.6555. Further, the continuation of the fall of the NZD/USD pair to the area below the level of 0.5965. An additional signal in favor of falling will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option to reduce the pair will be a strong growth and closing of NZD/USD quotes above the level of 0.6785. In this case, we should expect the continuation of the rise with the target above the level of 0.7165.
