The quotes of the currency pair New Zealand Dollar against the US Dollar (NZD/USD) continue to move within a bullish correction and a bearish channel. The moving averages indicate the presence of a short-term bearish trend for the pair. Prices have broken above the area between the signal lines, indicating buying pressure from currency pair buyers and the potential continuation of the price rise from current levels. At the time of this Forex forecast publication, the exchange rate of the New Zealand Dollar to the US Dollar stands at 0.6202. Currently, we should expect an attempt to develop a slight rise and test the resistance level near the 0.6245 area. Next, as part of the Forex forecast and analysis for tomorrow, a downward price rebound and an attempt to develop a decline in the currency pair to the area below the 0.5975 level are expected.
NZD/USD Forecast for June 21, 2023
An additional signal in favor of a decline in the NZD/USD currency pair in Forex would be a test of the resistance line on the Relative Strength Index indicator. A second signal in favor of this scenario would be a rebound from the upper boundary of the bearish channel. The scenario of price decline for the New Zealand Dollar in Forex would be invalidated by a strong rise and a breakthrough of the 0.6335 level. This would indicate a breakout of the resistance area. In that case, the pair would continue to rise towards the area above the 0.6575 level. Confirmation of the decline in the NZD/USD currency pair should be expected with a breakthrough of the support area and the closing of quotes below the 0.6155 level. This would indicate a breakout of the lower boundary of the bullish correction channel.
NZD/USD Forecast for June 21, 2023 suggest an attempt to test the resistance area near the 0.6245 level, followed by a continuation of the price decline to the area below the 0.5975 level. An additional signal in favor of a decline would be a test of the trend line on the Relative Strength Index indicator. The scenario of the pair’s decline would be invalidated by a strong price rise and a breakthrough of the 0.6335 level. In this case, we should expect a continuation of the pair’s rise with a potential target above the 0.6575 level.
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