Quotes of the currency pair New Zealand Dollar are ending the trading week within the framework of a strong fall near the 0.6203 level and the formation of the “Wedge” reversal pattern. Moving averages indicate a bullish trend for the pair. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers of the currency pair and potential continuation of growth from the current levels on the market. At the moment, we should expect an attempt to develop growth of the currency pair on Forex and a test of the resistance area near the level of 0.6295. Then, a rebound downwards and a continuation of the fall of the currency pair with a potential target below the level of 0.5905.
NZD/USD Forecast and Analysis October 7 — 11, 2024
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 indicator (RSI indicator). The second signal will be a rebound from the upper border of the “Wedge” reversal pattern. Cancellation of the option of a fall in quotes of the pair in the current trading week of October 7 — 11, 2024 will be strong growth and a breakout of the 0.6525 area. This will indicate a breakout of the resistance area and continued growth of the NZD/USD pair with a potential target above the level of 0.6835. The growth of the currency pair on Forex will be confirmed by a breakout of the support area and closing of quotes below the 0.6095 area, which will indicate a breakout of the lower border of the “Wedge” reversal pattern.
NZD/USD Forecast and Analysis October 7 — 11, 2024 suggests an attempt to develop a bullish correction and test the resistance level near the 0.6295 area. Further, the NZD/USD pair will continue to fall to the area below the 0.5905 level. An additional signal in favor of a decline will be a test of the trend line on the relative strength indicator. The cancellation of the pair’s fall option will be a strong growth and closing of NZD/USD quotes above the 0.6525 level. In this case, we should expect the growth of the currency pair with a target above the 0.6835 level.
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