Quotes of the New Zealand Dollar to US Dollar NZD/USD complete the trading week near the 0.6528 area. Moving averages indicate a downward trend in the pair. At the moment, we should expect an attempt to correct and test the resistance area near the level of 0.6720. Then, the currency pair will continue to fall with a potential target below the level of 0.6145.
NZD/USD Forecast and Analysis May 20 — 24, 2019
In favor of the fall of the NZD/USD currency pair, a test of the downward trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower boundary of the model «Triangle». Cancellation of the option of falling quotations in the current trading week of May 20 — 24, 2019 will be a strong growth and the breakdown of the area of 0.6925. This will indicate a breakdown of the upper boundary of the downward channel and the continued growth of the NZD/USD pair. 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 0.6475 area.
Among the important news from New Zealand that may have an impact on the New Zealand Dollar rate, it is worth highlighting: New Zealand Retail Sales q/q.
NZD/USD Forecast and Analysis May 20 — 24, 2019 implies an attempt to test the resistance level near the area of 0.6720. Further, the continuation of the fall of the pair NZD/USD to the area below the level of 0.6145. 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 0.6925. In this case, we should expect a continuation of the rise with the goal above the level of 0.7165.
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