The quotes of the currency pair NZD/USD continue to move within the framework of the growth and descending channel development. The moving averages indicate the presence of a short-term bearish 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 decline in the instrument’s value from the current levels. At the time of publication of the Forex forecast, the New Zealand Dollar to the US Dollar exchange rate is 0.6009. At the moment, we should expect an attempt to develop a correction and a test of the resistance level near the 0.6025 area. Further, within the framework of the forecast and Forex analytics for tomorrow, a price rebound is expected downwards and an attempt to develop a fall in the currency pair to the area below the 0.5875 level.
NZDUSD Forecast and Analysis for August 8, 2024
An additional signal in favor of the decline of 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 bearish channel. The cancellation of the option of falling New Zealand Dollar quotes in the US Dollar pair on Forex will be a strong price increase 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 to the area above the level of 0.6225. 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 level of 0.5915, which will indicate a breakout of the lower border of the bullish correction channel.
NZDUSD Forecast and Analysis for August 8, 2024 suggests an attempt to test the resistance area near the level of 0.6025. From where we should expect a continuation of the fall in quotes to the area below the level of 0.5875. An additional signal in favor of a decline will be a test of the trend line on the relative strength indicator. The cancellation of the option of a fall in the NZD/USD pair will be a strong price increase and a breakout of the level of 0.6065. In this case, we should expect a continuation of the rise of the pair with a potential target above the level of 0.6225.
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