Quotes of the New Zealand Dollar to US Dollar NZD/USD complete the trading week near the area of 0.6371. Moving averages indicate a bearish trend in the pair. At the moment, we should expect an attempt to continue the development of the upward correction and test the resistance area near the level of 0.6485. Then the continuation of the fall of the currency pair with a potential target below the level of 0.6025.
NZD/USD Forecast and Analysis October 28 — November 1, 2019
In favor of the fall of the NZD/USD currency pair, a test of the downward resistance line on the relative strength index (RSI) will come out. 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 of the week October 28 — November 1, 2019 will be a strong growth and a breakdown of the area of 0.6615. This will indicate a breakdown of the upper border of the downward channel and the continuation of the rise of the NZD/USD pair with a potential target above the level of 0.6895. A confirmation of the decline in the FOREX currency pair will be a breakdown of the support area and closing of quotations below the area of 0.6135.
NZD/USD Forecast and Analysis October 28 — November 1, 2019 suggests an attempt to test the resistance level near the area of 0.6485. Further, the continuation of the fall of the NZD/USD pair to the area below the level of 0.6025. An additional signal in favor of reducing will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option of falling the pair will be a strong growth and closing of NZD/USD quotes above the level of 0.6615. In this case, we should expect the continuation of the rise with the target above the level of 0.6895.
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