The quotes of the currency pair NZD/USD continue to move as part of the decline and the downward channel. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices have broken through the area between the signal lines, which indicates pressure from sellers of the currency pair and a potential continuation of the fall 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 0.5908. At the moment, we should expect an attempt to continue the development of a bullish correction and a test of the resistance level near the 0.5935 area. Further, as part of the Forex forecast and analytics for tomorrow, the price is expected to break down and an attempt to develop the fall of the currency pair to the area below the level of 0.5705.
NZD/USD Forecast for August 29, 2023
An additional signal in favor of the fall of 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 upper boundary of the downward channel. Cancellation of the option of falling quotes of the New Zealand Dollar on Forex will be a strong growth and a breakdown of the level of 0.6035. 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 0.6285. It is worth waiting for confirmation of the fall of the NZD/USD currency pair with a breakdown of the support area and closing quotes below the level of 0.5855.
NZD/USD Forecast for August 29, 2023 suggests an attempt to test the resistance area near the level of 0.5935. Where should we expect the quotes to continue falling to the area below the level of 0.5705. 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 0.6035. In this case, we should expect the pair to continue growing with a potential target above the level of 0.6285.
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