Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move as part of the correction and formation of the “Wedge” model. Sliding average indicate the presence of a short -term bearish trend in pair. Prices pierced the area between the signal lines up, which indicates the pressure from the buyers of the currency pair and the potential continuation of the increase in the cost of the tool from current levels. At the time of the publication of Forex forecasts, the New Zealand dollar to the US dollar is 0.6286. At the moment, it is worth expecting an attempt to develop bull correction and a test level of resistance near the area 0.6305. Further, as part of the forecast and forex analyst for tomorrow, it is expected to hide the price down and an attempt to develop a currency pair in the area below 0.5935.
NZD/USD Forecast for April 5, 2023
An additional signal in favor of reducing the NZD/USD currency pair for Forex will be the test of the resistance line on the relative force indicator. The second signal in favor of this scenario will be a rebound from the upper boundary of the “Wedge” model. The cancellation of the option of falling the quotes of the New Zealand dollar on Forex will be a strong growth and a breakdown of the level of 0.6375. This will indicate a breakdown of the resistance area. In this case, the couple will continue to develop growth in the area above 0.6595. It is with a breakdown of the support and closing of the quotes below the level of 0.6165, which will indicate a breakdown of the lower boundary of the “Wedge” and the beginning of the pattern to work out with the targets below the breakdown and the closing of the lower boundaries at the bottom.
NZD/USD Forecast for April 5, 2023 involves an attempt to resist the resistance area near 0.6305. Where to expect the continuation of the fall of quotations in the area below the level of 0.5935. An additional signal in favor of the reduction will be the test line of the trend on the relative force indicator. The cancellation of the option of falling pair NZD/USD will be a strong increase in price and a breakdown of 0.6375. In this case, it is worth expecting a continuation of the rise of a pair with a potential goal above the level of 0.6595.
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