Quotes of the currency pair New Zealand Dollar are ending the trading week within the framework of a strong decline near the level of 0.5896. 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 the current levels on the market. At the moment, we should expect an attempt to develop the growth of the currency pair on Forex and a test of the resistance area near the level of 0.5975. Then, a rebound downwards and a continuation of the fall of the currency pair with a potential target below the level of 0.5475.
NZD/USD Forecast and Analysis July 29 — August 2, 2024
An additional signal in favor of a decline in the NZD/USD currency pair will be a test of the bearish trend line on the relative strength indicator (RSI indicator). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option of a fall in quotes of the pair in the current trading week of July 29 — August 2, 2024 will be strong growth and a breakout of the 0.6305 area. This will indicate a breakout of the resistance area and continued growth of the NZD / USD pair with a potential target above the level of 0.6575. The fall of the currency pair on Forex will be confirmed by a breakout of the support area and closing of quotes below the 0.5805 area, which will indicate a breakout of the lower border of the “Triangle” pattern and the beginning of the pattern with targets below.
NZD/USD Forecast and Analysis July 29 — August 2, 2024 suggests an attempt to develop a bullish correction and test the resistance level near the 0.5975 area. Then, the NZD/USD pair will continue to fall to the area below the 0.5475 level. An additional signal in favor of the decline will be a test of the trend line on the relative strength indicator. The cancellation of the fall option for the pair will be a strong growth and closing of NZD/USD quotes above the 0.6305 level. In this case, we should expect a continuation of the rise of the currency pair with a target above the 0.6575 level.
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