Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move as part of the growth and the formation of the “Wedge” reversal pattern. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices have gone up from the area between the signal lines, which indicates pressure from buyers of the currency pair and a potential continued growth in the value of the instrument already from current levels. At the time of publication of the Forex forecast, the rate of the New Zealand Dollar to the US Dollar is 0.6332. At the moment, we should expect an attempt to develop a correction and test the support level near the area of 0.6205. Further, as part of the Forex forecast and analytics for tomorrow, the price is expected to bounce up and an attempt to develop the growth of the currency pair to the area above the level of 0.6705.
NZD/USD Forecast January 5, 2023
An additional signal in favor of the growth of the NZD/USD currency pair on Forex will be a test of the support line on the relative strength index (RSI). The second signal in favor of this scenario will be a rebound from the lower border of the bullish channel. Cancellation of the option to raise the quotes of the New Zealand Dollar on Forex will be a fall and a breakdown of the level of 0.6035. This will indicate a breakdown of the support area. In this case, the pair will continue to develop a decline to the area below the level of 0.5785. It is worth waiting for 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 0.6455, which will indicate a breakdown of the upper border of the “Wedge” model and the beginning of the pattern with targets at the top.
NZD/USD Forecast January 5, 2023 suggests an attempt to test the support area near the level of 0.6205. Where should we expect the continuation of the growth of quotations in the area above the level of 0.6705. An additional signal in favor of the rise 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 price drop and a breakdown of the level of 0.6035. In this case, we should expect the pair to continue to decline with a potential target below the level of 0.5785.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
