The quotes of the currency pair NZD/USD continue to move within the framework of growth development and the formation of the reversal model “Head and Shoulders”. The moving averages indicate the presence of a short-term bearish trend for the pair. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers of the currency pair and a potential continuation of the growth of the instrument’s value from the current levels. At the time of publication of the Forex forecast, the New Zealand Dollar to US Dollar exchange rate is 0.5985. At the moment, an attempt to develop an increase and a test of the resistance level near the area of 0.6025 should be expected. Further, within the framework of the forecast and Forex analytics for tomorrow, a price rebound downwards and an attempt to develop a fall in the currency pair to the area below the level of 0.5925 are expected.
NZDUSD Forecast and Analysis for August 14, 2024
An additional signal in favor of a decrease in the NZD/USD currency pair on Forex will be a test of the resistance line on the relative strength indicator (RSI). The second signal in favor of this scenario will be a rebound from the upper border of the reversal pattern “Head and Shoulders”. The cancellation of the option of falling New Zealand Dollar quotes in the US Dollar pair on Forex will be a strong price growth and a breakout of the 0.6065 level. This will indicate a breakout of the resistance area and the upper border of the bearish channel. In this case, the pair will continue to develop an increase in the area above the 0.6245 level. Confirmation of the fall of the NZD/USD currency pair should be expected with a breakout of the support area and closing of quotes below the 0.5965 level, which will indicate a breakout of the lower border of the reversal pattern and the beginning of the pattern with targets below.
NZDUSD Forecast and Analysis for August 14, 2024 suggests an attempt to test the resistance area near the 0.6025 level. Where should we expect the quotes to continue falling to the area below 0.5925. An additional signal in favor of the decline will be a test of the trend line on the relative strength indicator. The cancellation of the NZD/USD pair fall option will be a strong price increase and a breakout of the 0.6065 level. In this case, we should expect the pair to continue rising with a potential target above 0.6245.
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