Quotes of the currency pair New Zealand Dollar are finishing the trading week as part of the development of a fall near the level of 0.6206. Moving averages indicate a bearish trend for the pair. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the currency pair and a potential continuation of growth from current levels in the market. At the moment, we should expect an attempt to develop a bearish correction of the currency pair on Forex and a test of the support area near the level of 0.6065. Then, a rebound upward and continued growth of the currency pair with a potential target above the level of 0.6635.
NZD/USD Forecast February 26 — March 1, 2024
An additional signal in favor of growth in the NZD/USD currency pair will be a test of the bullish trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the Head and Shoulders reversal pattern. Cancellation of the option to increase the pair’s quotes in the current trading week of February 26 – March 1, 2024 will be a fall and a breakdown of the 0.5705 area. This will indicate a breakdown of the support area and a continuation of the fall of the NZD/USD pair with a potential target below the level of 0.5515. Confirmation of the growth of the currency pair on Forex will be the breakdown of the resistance area and the closing of quotes above the 0.6445 area, which will indicate a breakdown of the upper boundary of the “Head and Shoulders” reversal pattern and the beginning of the development of the pattern with targets above.
NZD/USD Forecast February 26 — March 1, 2024 suggests an attempt to develop a correction and test the support level near the 0.6065 area. Further growth of the NZD/USD pair continues to the area above the level of 0.6635. An additional signal in favor of an increase will be a test of the trend line on the relative strength index (RSI). Cancellation of the pair’s growth option will be a fall and closing of NZD/USD quotes below the level of 0.5705. In this case, we should expect the currency pair to continue to decline with a target below the level of 0.5515.
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