Quotes of the currency pair New Zealand Dollar are finishing the trading week as part of the development of a bullish correction 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 upward, which indicates pressure from buyers of the currency pair and a potential continuation of growth from current levels in the market. At the moment, we should expect an attempt to develop a rise in the currency pair on Forex and a test of the resistance area near the level of 0.6275. Then, a rebound downwards and a continuation of the fall of the currency pair with a potential target below the level of 0.5325.
NZD/USD Forecast May 20 — 24, 2024
An additional signal in favor of a fall in the NZD/USD currency pair will be a test of the bearish trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the bearish channel. Cancellation of the option of falling pair quotes in the current trading week of May 20 — 24, 2024 will be a strong growth and a breakdown of the 0.6385 area. This will indicate a breakdown of the resistance area and continued growth of the NZD/USD pair with a potential target above the level of 0.6675. Confirmation of the fall of the currency pair on Forex will be a breakdown of the support area and closing of quotes below the 0.5805 area.
NZD/USD Forecast May 20 — 24, 2024 suggests an attempt to develop a bullish correction and test the resistance level near the 0.6275 area. Further, the NZD/USD pair will continue to fall to the area below the level of 0.5325. An additional signal in favor of a decline 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 0.6385. In this case, we should expect the currency pair to continue to rise with a target above the level of 0.6675.
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