The quotes of the currency pair NZD/USD continue to move as part of the development of a correction and a bullish channel. Moving averages indicate 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 continuation of the growth in the value of the instrument 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 0.6185. At the moment, we should expect an attempt to develop a correction and a test of the support level near the 0.6175 area. Further, as part of the Forex forecast and analytics for tomorrow, a price rebound is expected upward and an attempt to develop the growth of the currency pair to the area above the level of 0.6495.
NZD/USD Forecast for January 10, 2024
An additional signal in favor of growth of the NZD/USD currency pair on Forex will be a test of the support line on the relative strength index. The second signal in favor of this scenario will be a rebound from the lower border of the bullish channel. Cancellation of the option to increase the New Zealand Dollar quotes on Forex will be a fall and a breakdown of the level of 0.6115. This will indicate a breakdown of the support area. In this case, the pair will continue to decline to the area below the level of 0.5905. Expect 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 upper boundary of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets above.
NZD/USD Forecast for January 10, 2024 suggests an attempt to test the support area near the level of 0.6175. Where can we expect continued growth of quotes to the area above the level of 0.6495. 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 growth option for the NZD/USD pair will be a fall in price and a breakdown of the level of 0.6115. In this case, we should expect the pair to continue to decline with a potential target below the level of 0.5905.
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