Quotes of the currency pair New Zealand Dollar are ending the trading week within the framework of the rise near the level of 0.6164 and the beginning of the “Triangle” model. 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 a decline in the currency pair on Forex and a test of the support area near the level of 0.6075. Then, an upward rebound and continued growth of the currency pair with a potential target above the level of 0.6575.
NZD/USD Forecast and Analysis September 16 — 20, 2024
An additional signal in favor of the rise of the NZD/USD currency pair will be a test of the bearish trend line on the relative strength indicator (RSI indicator). The second signal will be a rebound from the upper border of the “Triangle” pattern. The cancellation of the option of increasing quotes for the pair in the current trading week of September 16 — 20, 2024 will be a fall and a breakout of the 0.5865 area. This will indicate a breakout of the support area and a continuation of the fall of the NZD/USD pair with a potential target below the level of 0.5475. The growth of the currency pair on Forex will be confirmed by a breakout of the resistance area and closing of quotes above the 0.6285 area, which will indicate a breakout of the upper boundary of the descending channel.
NZD/USD Forecast and Analysis September 16 — 20, 2024 suggests an attempt to develop a bearish correction and test the support level near the 0.6075 area. Then, the NZD/USD pair will continue to grow to the area above the 0.6575 level. An additional signal in favor of the rise will be a test of the trend line on the relative strength indicator. The cancellation of the growth option for the pair will be a fall and closing of NZD/USD quotes below the 0.5865 level. In this case, we should expect a decline in the currency pair with a target below the level of 0.5475.
