Quotes of the New Zealand Dollar to US Dollar NZD/USD end the trading week near the 0.7168 area. Moving averages indicate a bullish trend for the pair. Prices moved upward between the signal lines, which indicates pressure from buyers of the currency pair and a potential continuation of growth from the current levels in the market. At the moment, we should expect an attempt to raise the currency pair on Forex and test the resistance area near the level of 0.7205. Then, a rebound and continuation of the fall of the currency pair with a potential target below the level of 0.6295.
NZD/USD Forecast and Weekly Analysis February 1 — 5, 2021
An additional signal in favor of the fall of the NZD/USD currency pair will be a breakdown of the trend line on the relative strength index (RSI). The second signal will be the completion of the formation of the “Head and Shoulders” pattern on the price chart. Cancellation of the option to reduce quotations in the current trading week February 1 — 5, 2021 will be a strong growth and a breakdown of the 0.7425 area. This will indicate a breakdown of the resistance area and continued growth of the NZD/USD pair with a potential target above the level of 0.7665. Confirmation of a decline in the currency pair on Forex will be a breakdown of the support area and closing of quotations below the 0.7005 area.
Among the important news from New Zealand that may affect the rate of the New Zealand Dollar, it is worth highlighting: New Zealand Employment Change q/q.
NZD/USD Forecast and Weekly Analysis February 1 — 5, 2021 suggests an attempt to test the resistance level near the 0.7205 area. Further, the continuation of the fall of the NZD/USD pair to the area below the level of 0.6295. An additional signal in favor of a decline will be a breakdown of the trend line on the relative strength index (RSI). Cancellation of the option to reduce the pair will be a strong growth and closing of the NZD/USD quotes above the level of 0.7425. In this case, we should expect a continuation of the rise with the target above the level of 0.7665.
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