Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move as part of the fall and the formation of the Head and Shoulders reversal pattern. Moving averages indicate the presence of a short-term 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 continued growth in the value of the instrument already from current levels. At the time of publication of the Forex forecast, the exchange rate of the New Zealand Dollar to the US Dollar is 0.6374. At the moment, we should expect an attempt to develop a rise and test the resistance level near the 0.6445 area. Further, as part of the Forex forecast and analytics for tomorrow, the price is expected to break down and an attempt to develop a decline in the currency pair to the area below the level of 0.5925.
NZD/USD Forecast December 21, 2022
An additional signal in favor of a decrease in the NZD/USD currency pair on Forex will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of this scenario will be a rebound from the lower boundary of the bullish channel, which was broken down by the sellers. Cancellation of the option to reduce the quotes of the New Zealand Dollar on Forex will be a strong growth and a breakdown of the level of 0.6595. This will indicate a breakdown of the resistance area. In this case, the pair will continue to develop growth to the area above the level of 0.6745. It is worth waiting for confirmation of the fall of the NZD/USD currency pair with a breakdown of the support area and closing of quotes below the level of 0.6275, which will indicate a breakdown of the lower border of the Head and Shoulders reversal pattern and the beginning of the pattern with targets below.
NZD/USD Forecast December 21, 2022 suggests an attempt to test the resistance area near the level of 0.6445. Where should we expect the quotes to continue falling to the area below the level of 0.5925. An additional signal in favor of the decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of the fall of the NZD/USD pair will be a strong price increase and a breakdown of the level of 0.6595. In this case, we should expect the pair to continue to rise with a potential target above the level of 0.6745.
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