Quotes of the currency pair New Zealand Dollar are finishing the trading week within the framework of growth development near the level of 0.6105. Moving averages indicate a bearish trend for the pair. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the currency pair and a potential continuation of the fall from current levels in the market. At the moment, we should expect an attempt to develop a bullish correction of the currency pair on Forex and a test of the resistance area near the level of 0.6255. Then, a rebound downwards and a continuation of the fall of the currency pair with a potential target below the level of 0.5575.
NZD/USD Forecast January 22 — 26, 2024
An additional signal in favor of a fall in the NZD/USD currency pair will be a test of the downward trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the downward channel. Cancellation of the option of falling pair quotes in the current trading week of January 22 — 26, 2024 will be a strong growth and breakdown of the 0.6505 area. This will indicate a breakdown of the resistance area and a continued rise in the NZD/USD pair with a potential target above the level of 0.6835. Confirmation of the fall of the currency pair on Forex will be the breakdown of the support area and closing of quotes below the 0.6005 area.
NZD/USD Forecast January 22 — 26, 2024 suggests an attempt to develop a correction and test the resistance level near the 0.6255 area. Further, the NZD/USD pair will continue to fall to the area below the level of 0.5575. 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 for the pair to fall will be a strong growth and closing of NZD/USD quotes above the level of 0.6505. In this case, we should expect the currency pair to continue to rise with a target above the level of 0.6835.
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