NZD/USD Forecast and Analysis March 16 — 20, 2020


Quotes of the New Zealand Dollar to US Dollar NZD/USD complete the trading week near the area of ​​0.6151. Moving averages indicate a downward trend in the pair. Prices pushed off the signal lines, indicating pressure from the sellers of the currency pair. At the moment, we should expect an attempt to continue the fall of the pair and test the support area near the level of 0.6045. Then, a rebound and the beginning of the growth of a currency pair with a potential target above the level of 0.6855.

NZD/USD Forecast and Analysis March 16 — 20, 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 lower boundary of the «Wolfe Wave» model. Cancellation of the option of growth of quotations in the current trading week of March 16 — 20, 2020 will be a fall and a breakdown of the area of ​​0.5825. 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 0.5505. 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 ​​0.6205.

NZD/USD Forecast and Analysis March 16 — 20, 2020

Among the important news from New Zealand that may have an impact on the rate of the New Zealand Dollar, it is worth highlighting: New Zealand Gross Domestic Product (GDP) q/q.

NZD/USD Forecast and Analysis March 16 — 20, 2020 suggests an attempt to test the resistance level near the area of ​​0.6045. Further, the continuation of the fall of the NZD/USD pair to the area below the level of 0.6855. An additional signal in favor of falling will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option to reduce the pair will be a strong growth and closing of NZD/USD quotes above the level of 0.5825. In this case, we should expect the continuation of the rise with the target above the level of 0.5505.


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