Quotes of the New Zealand Dollar to US Dollar NZD/USD end the trading week near the 0.7127 area. Moving averages indicate a bullish trend for the pair. Prices are again testing 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 at a bullish correction of the currency pair on Forex and a test of the resistance area near the level of 0.7225. Then, a rebound and continuation of the fall of the currency pair with a potential target below the level of 0.6355.
NZD/USD Forecast and Weekly Analysis March 8 — 12, 2021
An additional signal in favor of the fall 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 the completion of the formation of the “Head and Shoulders” reversal pattern. Cancellation of the option of falling quotations in the current trading week on March 8 — 12, 2021 will be a strong growth and a breakdown of the 0.7545 area. This will indicate a breakdown of the resistance area and a continued rise in the NZD/USD pair with a potential target above the level of 0.7985. Confirmation of the fall of the currency pair on Forex will be the breakdown of the support area and the closing of quotations below the 0.7045 area, which will indicate the completion of the formation of the reversal pattern.
Among the important news from New Zealand that may affect the rate of the New Zealand Dollar, it is worth highlighting: New Zealand Electronic Card Retail Sales m/m.
NZD/USD Forecast and Weekly Analysis March 8 — 12, 2021 suggests an attempt to test the resistance level near the 0.7225 area. Further, the continuation of the fall of the NZD/USD pair to the area below the level of 0.6355. An additional signal in favor of the fall will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to drop the pair will be a strong growth and closing of the NZD/USD quotes above the level of 0.7545. In this case, we should expect a continuation of the rise with the target above the level of 0.7985.
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