Quotes of the New Zealand Dollar to US Dollar NZD/USD end the trading week near the 0.7185 area. Moving averages indicate a bullish trend for the pair. Prices broke through the area between the signal lines upward, 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 develop an upward correction of the currency pair on Forex and a test of 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 0.6265.
NZD/USD Forecast and Weekly Analysis November 1 — 5, 2021
An additional signal in favor of a fall in the NZD/USD currency pair will be a test of the downtrend line on the relative strength index (RSI), as we see, this is the fourth test of such a trend line. The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option of falling quotations of the pair in the current trading week November 1 — 5, 2021 will be a strong growth and a breakdown of the 0.7435 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 0.7845. 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 0.6535 area, which will indicate a breakdown of the lower border of the descending channel, and this is a strong signal to continue the fall.
Among the important news from New Zealand that may have an impact on the rate of the New Zealand Dollar, it is worth highlighting: New Zealand Employment Change q/q, Statement by the Chairman of the Reserve Bank of New Zealand Orr Zealand Governor Orr Speech.
NZD/USD Forecast and Weekly Analysis November 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 0.6265. 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 0.7435. In this case, we should expect a continuation of the rise with the target above the level of 0.7845.
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