The quotes of the currency pair NZD/USD continue to move as part of the development of a sideways correction and a bullish channel. Moving averages indicate a short-term 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 decline in the value of the instrument from current levels. At the time of publication of the Forex forecast, the exchange rate of the New Zealand Dollar to the US Dollar is 0.6072. At the moment, we should expect an attempt to develop a decline and test the support level near the 0.6060 area. Further, as part of the Forex forecast and analysis for tomorrow, a price rebound is expected upward and an attempt to develop the rise of the currency pair to the area above the level of 0.6215.
NZDUSD Forecast and Analysis for July 19, 2024
An additional signal in favor of growth of the NZD/USD currency pair on Forex will be a test of the support line on the relative strength indicator (RSI). The second signal in favor of this scenario will be a rebound from the lower border of the bullish channel. Cancellation of the option to increase the quotes of the New Zealand Dollar in the US Dollar pair on Forex will result in a fall in price and a breakdown of the level of 0.5995. This will indicate a breakdown of the support area and the lower boundary of the bullish channel. In this case, the pair will continue to decline to the area below the level of 0.5765. Expect confirmation of the rise of the NZD/USD currency pair with a breakdown of the resistance area and closing of quotes above the level of 0.6175, which will indicate a breakdown of the upper boundary of the downward correction channel.
NZDUSD Forecast and Analysis for July 19, 2024 suggests an attempt to test the support area near the level of 0.6060. Where can we expect the quotes to continue to rise to the area above the level of 0.6215. An additional signal in favor of growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise the NZD/USD pair will be a fall in price and a breakdown of the level of 0.5995. In this case, we should expect the pair to continue to fall with a potential target below the level of 0.5765.
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