NZD/USD Forecast and Analysis January 6 — 10, 2020

Quotes of the New Zealand Dollar to US Dollar NZD/USD complete the trading week near the area of ​​0.6670. 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 drop the pair and test the support area near the level of 0.6445. Then continued growth of the currency pair with a potential target above the level of 0.7305.

NZD/USD Forecast and Analysis January 6 — 10, 2020

In favor of the growth of the NZD/USD currency pair, a test of the support 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. Also, do not exclude an attempt to form a head and shoulders reversal pattern. Cancellation of the option of growth of quotations in the current trading week of the week January 6 — 10, 2020 will be a fall and a breakdown of the area of ​​0.6305. This will indicate a breakdown of the support area and the continuation of the fall of the NZD/USD pair with a potential target below the level of 0.5905. A confirmation of the growth of the currency pair at Forex will be a breakdown of the resistance area and closing of quotations above the area of ​​0.6825, which will indicate the completion of the formation of a reversal model.

NZD/USD Forecast and Analysis January 6 — 10, 2020 suggests an attempt to test the support level near the area of ​​0.6445. Further, the continuation of the fall of the NZD/USD pair to the area above the level of 0.7305. 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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