The quotes of the currency pair NZD/USD continue to move within the framework of growth development and the formation of the bullish model “Wolfe Wave”. 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 downwards, which indicates pressure from sellers of the currency pair and a potential continuation of the fall in the value of the instrument from the current levels. At the time of publication of the Forex forecast, the New Zealand Dollar to the US Dollar exchange rate is 0.6152. At the moment, we should expect an attempt to develop a decline and a test of the support level near the area of 0.6105. Further, within the framework of the forecast and Forex analytics for tomorrow, a price rebound upwards and an attempt to develop an increase in the currency pair to the area above the level of 0.6275 are expected.
NZDUSD Forecast and Analysis for September 13, 2024
An additional signal in favor of the rise 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 “Wolfe Wave” pattern. The cancellation of the growth option for the New Zealand Dollar quotes in the US Dollar pair on Forex will be a fall in price and a breakout of the 0.6035 level. This will indicate a breakout of the support area and the lower border of the bullish channel. In this case, the pair will continue to fall to the area below the 0.5765 level. Confirmation of the growth of the NZD/USD currency pair should be expected with a breakout of the resistance area and closing of quotes above the 0.6205 level, which will indicate a breakout of the upper border of the descending channel.
NZDUSD Forecast and Analysis for September 13, 2024 suggests an attempt to test the support area near the 0.6105 level. Where should we expect continued growth of quotes to the area above the 0.6275 level. An additional signal in favor of growth will be a test of the trend line on the relative strength indicator. The cancellation of the NZD/USD pair rise option will be a price drop and a breakout of the 0.6035 level. In this case, we should expect a continuation of the pair’s decline with a potential target below the 0.5765 level.
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