The quotes of the currency pair NZD/USD continue to move as part of the development of the fall and the bearish channel. Moving averages indicate a short-term bearish trend for the pair. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the currency pair and a potential continuation of the fall 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 0.6100. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the 0.6145 area. Further, as part of the Forex forecast and analysis for tomorrow, a rebound in price is expected downwards and an attempt to develop the fall of the currency pair to the area below the level of 0.5885.
NZD/USD Forecast for January 31, 2024
An additional signal in favor of a fall 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 upper border of the bearish channel. Cancellation of the option of falling New Zealand Dollar quotes on Forex will be a strong rise in price and a breakdown of the level of 0.6205. This will indicate a breakdown of the resistance area. In this case, the pair will continue to develop a rise to the area above the level of 0.6385. 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 0.6045, which will indicate a breakdown of the lower boundary of the bullish channel.
NZD/USD Forecast for January 31, 2024 suggests an attempt to test the resistance area near the level of 0.6145. Where can we expect quotes to continue to fall to the area below the level of 0.5885. An additional signal in favor of a fall will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to reduce the NZD/USD pair will be a strong rise in price and a breakdown of the level of 0.6205. In this case, we should expect the pair to continue to rise with a potential target above the level of 0.6385.
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