Quotes of the New Zealand Dollar to US Dollar NZD/USD end the trading week near the 0.7194 area. Moving averages indicate a bullish trend for the pair. Prices went up the area 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 0.6825. Then, a rebound and continuation of the rise of the currency pair with a potential target above the level of 0.7685.
NZD/USD Forecast and Weekly Analysis January 4 — 8, 2021
An additional signal in favor of raising 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 on the price chart. Cancellation of the growth option for quotes in the current trading week January 4 — 8, 2021 will be a fall and a breakdown of the 0.6655 area. This will indicate a breakdown of the support area and continued fall of the NZD/USD pair with a potential target below 0.6255. Confirmation of the rise in the currency pair on Forex will be the breakdown of the resistance area and the closing of quotations above the 0.7395 area.
NZD/USD Forecast and Weekly Analysis January 4 — 8, 2021 suggests an attempt to test the support level near the 0.6825 area. Further, the continued rise of the NZD/USD pair to the area above the level of 0.7685. An additional signal in favor of growth will be a test of the support 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 0.6655. In this case, we should expect a continuation of the decline with a target below the level of 0.6255.
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