Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move as part of the correction and the formation of the “Head and Shoulders” model. Moving averages indicate a short-term bullish trend for the pair. Prices broke through the area between the signal lines downward, which indicates pressure from the sellers of the currency pair and a potential continuation of the fall in the value of the instrument already from the current levels. At the time of the publication of the Forex forecast, the rate of the New Zealand Dollar to the US Dollar is 0.7043. At the moment, we should expect an attempt to develop a correction and test the resistance level near the 0.7050 area. Further, as part of the forecast and Forex analytics for tomorrow, a rebound is expected and an attempt to continue the fall of the currency pair to the area below the level of 0.6875.
NZD/USD Forecast New Zealand Dollar August 12, 2021
An additional signal in favor of reducing the NZD/USD currency pair on Forex will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of the fall will be a rebound from the upper border of the “Head and Shoulders” reversal pattern. Cancellation of the option to reduce the New Zealand Dollar quotes on Forex will be a strong growth and a breakdown of the level of 0.7125. This will indicate a breakdown of the support area and the lower border of the channel. In this case, the pair will continue to develop falling to the area below the level of 0.7465. It is worth waiting for confirmation of a fall in the NZD/USD currency pair with the breakdown of the support area and closing of quotations below the level of 0.6935, which will indicate the completion of the formation of the “Head and Shoulders” reversal pattern.
NZD/USD Forecast New Zealand Dollar August 12, 2021 imply an attempt to test the resistance area near the level of 0.7050. Where can we expect the continuation of the fall in quotations to the area below the level of 0.6875. 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 to drop the NZD/USD pair will be a strong price increase and a breakdown of the level of 0.7125. In this case, we should expect the pair to continue to rise with a potential target above the level of 0.7465.
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