The quotes of the NZD/USD currency pair continue to move within a downtrend and a bearish channel. The moving averages indicate the presence of a short-term bearish trend for the pair. Prices are once again testing the area between the signal lines, indicating pressure from sellers of the currency pair and a potential continuation of the instrument’s decline from current levels. At the time of the Forex forecast publication, the exchange rate of the New Zealand Dollar to the US Dollar is 0.6166. Currently, we can expect an attempt to develop a slight increase and test the resistance level near the 0.6195 area. Furthermore, as part of the Forex forecast and analysis for tomorrow, a downward rebound in price and an attempt to continue the decline of the currency pair towards a level below 0.5985 is expected.
NZD/USD Forecast for June 22, 2023
An additional signal in favor of a decline in the NZD/USD currency pair on Forex will be a test of the resistance line on the relative strength indicator. The second signal in favor of this scenario will be a rebound from the upper boundary of the bearish channel. The cancellation of the decline scenario for the New Zealand Dollar quotes on Forex will occur with a strong rise and a breakthrough above the 0.6325 level. This would indicate a breakthrough of the resistance area. In such a case, the pair will continue to rise towards the area above the 0.6485 level. Confirmation of the decline in the NZD/USD currency pair should be expected with a breakthrough of the support area and the quotes closing below the 0.6105 level, indicating a breakthrough of the lower boundary of the bullish correction channel.
NZD/USD Forecast for June 22, 2023 suggests an attempt to test the resistance area near the 0.6195 level, followed by an expectation of further decline in quotes towards a level below 0.5985. An additional signal in favor of a decline will be a test of the trend line on the relative strength indicator. The cancellation of the decline scenario for the NZD/USD pair will occur with a strong price rise and a breakthrough above the 0.6325 level. In that case, we can expect the pair to continue its rise with a potential target above the 0.6485 level.
