The quotes of the currency pair NZD/USD continue to move as part of the development of a sideways correction and the formation of the “Triangle” pattern. Moving averages indicate a short-term bearish trend for the pair. Prices are again testing 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 0.5959. At the moment, we should expect an attempt to continue the development of a bullish correction and a test of the resistance level near the 0.5985 area. Further, as part of the Forex forecast and analysis for tomorrow, a rebound in price is expected downwards and an attempt to develop the fall of the currency pair to the area below the level of 0.5735.
NZD/USD Forecast for October 4, 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 index (RSI). 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 reduce the New Zealand Dollar quotes on Forex will be a strong growth and a breakdown of the level of 0.6065. This will indicate a breakdown of the resistance area and the upper boundary of the bearish channel. In this case, the pair will continue to develop growth to the area above the level of 0.6275. 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 0.5835, which will indicate a breakdown of the lower boundary of the bullish correction channel.
NZD/USD Forecast for October 4, 2023 suggests an attempt to test the support area near the level of 0.5985. Where can we expect continued growth of quotes to the area above the level of 0.5735. An additional signal in favor of an increase will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for the NZD/USD pair will be a fall in price and a breakdown of the level of 0.6065. In this case, we should expect the pair to continue to decline with a potential target below the level of 0.6275.
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