The quotes of the currency pair NZD/USD continue to move as part of the development of strong growth and a downward channel. Moving averages indicate a short-term bearish trend for the pair. Prices have broken through the area between the signal lines upward, 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 0.6017. At the moment, we should expect an attempt to develop a fall and a test of the support level near the 0.5965 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 0.6195.
NZD/USD Forecast for May 7, 2024
An additional signal in favor of a rise in 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 upper boundary of the downward channel. Cancellation of the option to increase the New Zealand Dollar quotes on Forex will be a fall in price and a breakdown of the level of 0.5865. This will indicate a breakdown of the support area. In this case, the pair will continue to fall to the area below the level of 0.5685. Expect confirmation of the growth of the NZD/USD currency pair with a breakdown of the resistance area and closing of quotes above the level of 0.6105, which will indicate a breakdown of the upper boundary of the downward channel.
NZD/USD Forecast for May 7, 2024 suggests an attempt to test the resistance area near the level of 0.5965. Where can we expect quotes to continue to fall to the area below the level of 0.6195. An additional signal in favor of a decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the option for the fall of the NZD/USD pair will be a strong rise in price and a breakdown of the level of 0.5865. In this case, we should expect the pair to continue to rise with a potential target above the level of 0.5685.
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