The quotes of the currency pair NZD/USD continue to move as part of the development of growth and the formation of an inverted “Head and Shoulders” reversal pattern. Moving averages indicate a short-term bearish trend for the pair. Prices have broken down the area between the signal lines, 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 0.5986. At the moment, we should expect an attempt to continue the development of the decline and a test of the support level near the 0.5935 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 0.6285.
NZD/USD Forecast for November 16, 2023
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 upper border of the bearish 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 0.5735. This will indicate a breakdown of the support area and the lower boundary of the bullish channel. In this case, the pair will continue to fall to the area below the level of 0.5505. 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 0.6075, which will indicate a breakdown of the upper boundary of the “Head and Shoulders” reversal pattern and the beginning of a pattern with targets above.
NZD/USD Forecast for November 16, 2023 suggests an attempt to test the support area near the level of 0.5935. Where can we expect continued growth in quotes to the area above the level of 0.6285. An additional signal in favor of growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise the NZD/USD pair will be a fall in price and a breakdown of the level of 0.5735. In this case, we should expect the pair to continue to decline with a potential target below the level of 0.5505.
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