Quotes of the New Zealand Dollar to US Dollar NZD/USD complete the trading week near the 0.6614 area. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to correct and test the resistance area near the level of 0.6745. Then, the currency pair will continue to fall with a potential target below the level of 0.6215.
NZD/USD Forecast and Analysis May 6 — 10, 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. As well as a rebound from the lower boundary of the model «Triangle». Cancellation of the option of falling quotations in the current trading week from May 6 — 10, 2019 will be a strong growth and a breakdown of the area of 0.6955. 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 quotes below the 0.6535 area.
Among the important news from New Zealand that may have an impact on the New Zealand Dollar rate, it is worth mentioning: Reserve Bank of New Zealand Interest Rate, Decision, Reserve Bank of New Zealand Press Conference, New Zealand Electronic Card Retail Sales m/m.
NZD/USD Forecast and Analysis May 6 — 10, 2019 implies an attempt to test the resistance level near 0.6745. 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 0.6955. In this case, we should expect a continuation of the climb.