Quotes of the New Zealand Dollar to US Dollar NZD/USD complete the trading week near the area of 0.6130. Moving averages indicate a downward trend in the pair. Prices are testing the area between the signal lines, which indicates pressure from the sellers of the currency pair and the potential continuation of the development of the bearish trend. At the moment, we should expect an attempt to grow the currency pair on Forex and test the resistance area near the level of 0.6205. Then, a rebound and continued fall of the currency pair with a potential target below the level of 0.5405.
NZD/USD Forecast and Analysis May 11 — 15, 2020
An additional signal in favor of the fall of the NZD/USD currency pair will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling quotes in the current trading week May 11 — 15, 2020 will be a strong growth and a breakdown of the area of 0.6455. This will indicate a breakdown of the resistance area and continued growth of the NZD/USD pair with a potential target above the level of 0.6805. A confirmation of the fall of the currency pair on Forex will be a breakdown of the support area and closing of quotations below the area of 0.5845.
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 Retail Sales q/q.
NZD/USD Forecast and Analysis May 11 — 15, 2020 suggests an attempt to test the resistance level near the area of 0.6205. Further, the continuation of the fall of the NZD/USD pair to the area below the level of 0.5405. 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 0.6455. In this case, we should expect the continuation of the rise with the target above the level of 0.6805.
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