Quotes of the currency pair New Zealand Dollar are ending the trading week within the framework of an increase near the level of 0.6244 and the formation of the bearish “Wolfe Wave” 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 a potential continuation of growth from the current levels on the market. At the moment, we should expect an attempt to develop the growth of the currency pair on Forex and a test of the resistance area near the level of 0.6325. Then, a downward rebound and a continuation of the fall of the currency pair with a potential target below the level of 0.6055.
NZD/USD Forecast and Analysis September 23 — 27, 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 bearish “Wolfe Wave” pattern. The cancellation of the option of a fall in the pair’s quotes in the current trading week of September 23 — 27, 2024 will be a strong growth and a breakout of the 0.6465 area. This will indicate a breakout of the resistance area and continued growth of the NZD/USD pair with a potential target above the 0.6725 level. The growth of the currency pair on Forex will be confirmed by a breakout of the support area and closing of quotes below the 0.6205 area, which will indicate a breakout of the lower border of the bearish “Wolfe Wave” pattern.
NZD/USD Forecast and Analysis September 23 — 27, 2024 suggests an attempt to develop a bullish correction and test the resistance level near the 0.6325 area. Next, the NZD/USD pair will continue to fall to the area below 0.6055. 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 0.6465. In this case, we should expect the currency pair to grow with a target above 0.6725.
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