Quotes of the New Zealand Dollar to US Dollar NZD/USD complete the trading week near the 0.6533 area. Moving averages indicate a bearish trend in the pair. At the moment, we should expect an attempt to correct and test the resistance area near the level of 0.6685. Then, the currency pair will continue to fall with a potential target below the level of 0.6215.
NZD/USD Forecast and Analysis June 17 — 21, 2019
In favor of the fall of the NZD/USD currency pair, a test of the resistance area on the relative strength index (RSI) will be made. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling quotations in the current trading week June 17 — 21, 2019 will be a strong growth and a breakdown of 0.6775. This will indicate a breakdown of the upper boundary of the downward channel and the continuation of the rise of the pair NZD/USD. The confirmation of the decline in the currency pair at Forex will be a breakdown of the support area and closing of quotations below the 0.6575 area.
Among the important news from New Zealand that may have an impact on the New Zealand Dollar rate, it is worth noting: New Zealand Gross Domestic Product (GDP) q/q.
NZD/USD Forecast and Analysis June 17 — 21, 2019 implies an attempt to test the resistance level near the area of 0.6685. Further, the continuation of the fall of the pair NZD/USD to the area below the level of 0.6215. An additional signal in favor of reducing will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling of the pair will be a strong growth and closing of the NZD/USD quotes above the level of 0.6775. In this case, we should expect a continuation of the rise with the goal above the level of 0.7075.
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