Quotes of the currency pair New Zealand Dollar are finishing the trading week as part of the development of a fall near the level of 0.5958. 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 decline from current levels in the market. At the moment, we should expect an attempt to develop a bearish correction of the currency pair on Forex and a test of the support area near the level of 0.5865. Then, a rebound upward and continued growth of the currency pair with a potential target above the level of 0.6365.
NZD/USD Forecast May 6 — 10, 2024
An additional signal in favor of growth in the NZD/USD currency pair will be a test of the bullish trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the Head and Shoulders reversal pattern. Cancellation of the option to raise the pair’s quotes in the current trading week of May 6 — 10, 2024 will be a fall and a breakdown of the 0.5705 area. This will indicate a breakdown of the support area and a continuation of the fall of the NZD/USD pair with a potential target below the level of 0.5495. Confirmation of the growth of the currency pair on Forex will be a breakdown of the resistance area and closing of quotes above the 0.6175 area, which will indicate a breakdown of the upper boundary of the downward correction channel.
NZD/USD Forecast May 6 — 10, 2024 suggests an attempt to develop a bearish correction and test the support level near the 0.5865 area. Further growth of the NZD/USD pair continues to the area above the level of 0.6365. 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 pair’s growth option will be a fall and closing of NZD/USD quotes below the level of 0.5705. In this case, we should expect the currency pair to continue to fall with a target below the level of 0.5495.
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