Quotes of the New Zealand Dollar to US Dollar NZD/USD end the trading week near the 0.7247 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 correct the currency pair on Forex and test the support area near the level of 0.7155. Then, a rebound and a continuation of the rise of the currency pair with a potential target above the level of 0.7705.
NZD/USD Forecast and Weekly Analysis February 22 — 26, 2021
An additional signal in favor of the growth of the NZD/USD currency pair will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the growth option for quotations in the current trading week February 22 — 26, 2021 will be a fall and a breakdown of the 0.6785 area. This will indicate a breakdown of the support area and a continued fall of the NZD/USD pair with a potential target below 0.6235. Confirmation of the growth of the currency pair on Forex will be the breakdown of the resistance area and the closing of quotations above the 0.7345 area.
Among the important news from New Zealand that may affect the rate of the New Zealand Dollar, it is worth highlighting: New Zealand Retail Sales q/q, Reserve Bank of New Zealand Zealand Interest Rate Decision, Reserve Bank of New Zealand Press Conference.
NZD/USD Forecast and Weekly Analysis February 22 — 26, 2021 suggests an attempt to test the support level near the 0.7155 area. Further, the continued growth of the NZD/USD pair to the area above the level of 0.7705. An additional signal in favor of the rise will be a breakdown of the trend line on the relative strength index (RSI). Cancellation of the growth option for the pair will be the fall and closing of the NZD/USD quotes below the level of 0.6785. In this case, we should expect a continuation of the fall with the target below the level of 0.6235.
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