Quotes of the currency pair New Zealand Dollar end the trading week within the framework of the fall near the level of 0.6036. Moving averages indicate a 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 from current levels in the market. At the moment, we should expect an attempt to develop a decline in the currency pair on Forex and a test of the support area near the level of 0.5895. Then, a rebound upward and continued growth of the currency pair with a potential target above the level of 0.6525.
NZD/USD Forecast and Analysis July 22 — 26, 2024
An additional signal in favor of growth in the NZD/USD currency pair will be a test of the bullish trend line on the relative strength indicator (RSI indicator). The second signal will be a rebound from the lower border of the Triangle pattern. Cancellation of the option to increase the pair’s quotes in the current trading week of July 22 — 26, 2024 will be a fall and a breakdown of the 0.5725 area. This will indicate a breakdown of the support area and a continuation of the fall of the NZD/USD pair with a potential target below the level of 0.5455. Confirmation of the growth of the currency pair on Forex will be the breakdown of the resistance area and the closing of quotes above the 0.6245 area, which will indicate a breakdown of the upper boundary of the “Triangle” model and the beginning of the development of a pattern with targets above.
NZD/USD Forecast and Analysis July 22 — 26, 2024 suggests an attempt to develop a bearish correction and test the support level near the 0.5895 area. Further growth of the NZD/USD pair continues to the area above the level of 0.6525. An additional signal in favor of an increase will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for the pair will be a fall and closing of NZD/USD quotes below the level of 0.5725. In this case, we should expect the currency pair to continue to decline with a target below the level of 0.5455.
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