The quotes of the currency pair NZD/USD continue to move as part of the development of a decline and a bearish channel. Moving averages indicate the presence of a short-term downward trend in 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 fall 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 0.6069. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the 0.6090 area. Further, as part of the Forex forecast and analytics for tomorrow, a price rebound downwards is expected and an attempt to develop a decline in the currency pair to the area below the level of 0.5975.
NZDUSD Forecast and Analysis for July 4, 2024
An additional signal in favor of a decline in the NZD/USD currency pair on Forex will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of this scenario will be a rebound from the upper border of the bearish channel. Cancellation of the option to reduce the New Zealand Dollar quotes on Forex will be a strong price increase and a breakdown of the level of 0.6145. This will indicate a breakdown of the resistance area and the upper boundary of the bearish channel. In this case, the pair will continue to develop its rise to the area above the level of 0.6335. You should expect confirmation of the fall of the NZD/USD currency pair by supporting the support area and closing quotes below the level of 0.6015, which will indicate a breakdown of the lower boundary of the downward channel, and this is a signal for a fall by the width of the channel.
NZDUSD Forecast and Analysis for July 4, 2024 suggests an attempt to test the resistance area near the level of 0.6090. Where can we expect continued decline in quotes to the area below the level of 0.5975. An additional signal in favor of a decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the option for the fall of the NZD/USD pair will be a strong rise in price and a breakdown of the level of 0.6145. In this case, we should expect the pair to continue to rise with a potential target above the level of 0.6335.
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