The quotes of the currency pair NZD/USD continue to move as part of the development of growth and the formation of the “Wedge” reversal pattern. Moving averages indicate a short-term bearish trend for the pair. Prices have broken upward in the area between the signal lines, 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 0.6085. At the moment, we should expect an attempt to develop a correction growth and a test of the resistance level near the 0.6105 area. Further, as part of the Forex forecast and analysis for tomorrow, a price rebound downwards is expected and an attempt to develop the fall of the currency pair to the area below the level of 0.5895.
NZD/USD Forecast for November 28, 2023
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 boundary of the “Wedge” reversal pattern. Cancellation of the option of falling New Zealand Dollar quotes on Forex will be a strong growth and a breakdown of the level of 0.6175. This will indicate a breakdown of the resistance area and the upper boundary of the “Wedge” reversal pattern. In this case, the pair will continue to develop growth to the area above the level of 0.6325. 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 0.6025, which will indicate a breakdown of the lower boundary of the “Wedge” reversal pattern and the beginning of a pattern with targets below.
NZD/USD Forecast for November 28, 2023 suggests an attempt to test the resistance area near the level of 0.6105. Where can we expect quotes to continue to fall to the area below the level of 0.5895. 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 0.6175. In this case, we should expect the pair to continue to rise with a potential target above the level of 0.6325.
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