Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move as part of the correction and the upward channel. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices pierced the area between the signal lines up, which indicates pressure from buyers of the currency pair. At the time of the publication of the Forex forecast, the rate of the New Zealand Dollar to the US Dollar is 0.5934. At the moment, we should expect an attempt to fall and test the support level near the area of 0.5925. Further, within the framework of the forecast and Forex analysis for tomorrow, a rebound is expected and an attempt to continue the growth of the currency pair in the region above the level of 0.6345.
NZD/USD Forecast New Zealand Dollar April 7, 2020
An additional signal in favor of the growth of the NZD/USD pair will be a test of the trend line on the relative strength index (RSI). The second signal in favor of the rise will be a rebound from the lower boundary of the ascending 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 0.5765. 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 0.5565. Expect confirmation of the growth of the NZD/USD currency pair with the breakdown of the resistance area and closing of quotations above the level of 0.5995.
NZD/USD Forecast New Zealand Dollar April 7, 2020 suggests an attempt to test the support area near the level of 0.5925. Where can we expect continued growth of quotations in the region above the level of 0.6345. An additional signal in favor of growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise the NZD/USD pair will be a fall and a breakdown of the level of 0.5765. In this case, we should expect continued decline in the pair with a potential target below the level of 0.5565.
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