Quotes of the New Zealand Dollar to US Dollar NZD/USD complete the trading week near the area of 0.6609. Moving averages indicate a downward trend in the pair. However, prices broke through the area between the signal lines, which indicates pressure from buyers of the currency pair. At the moment, we should expect an attempt to grow the pair and test the resistance area near the level of 0.6755. Then, a rebound and continued fall of the currency pair with a potential target below the level of 0.6155.
NZD/USD Forecast and Analysis January 20 — 24, 2020
In favor of reducing the NZD/USD currency pair, a test of the resistance line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling quotes in the current trading week of the week January 20 — 24, 2020 will be a strong growth and a breakdown of the area of 0.6865. This will indicate a breakdown of the resistance area and continued growth of the NZD/USD pair with a potential target above the level of 0.7045. A confirmation of the fall of the currency pair on Forex will be a breakdown of the support area and closing of quotations below the area of 0.6535.
Important news from New Zealand that may have an impact on the New Zealand Dollar rate is not expected, so the pair will continue to move as part of a technical analysis.
NZD/USD Forecast and Analysis January 20 — 24, 2020 suggests an attempt to test the support level near the area of 0.6425. Further, the continuation of the fall of the NZD/USD pair to the area above the level of 0.7285. An additional signal in favor of growth will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option for the pair will be the fall and closing of NZD/USD quotes below the level of 0.6305. In this case, we should expect continued decline with a target below the level of 0.5905.
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