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 a short-term bullish trend for the pair. Prices bounced off the area between the signal lines, which indicates pressure from buyers of the currency pair and a potential continuation of growth in the near future. At the time of the publication of the FOREX forecast, the rate of the New Zealand Dollar to the US Dollar is 0.6589. At the moment, we should expect an attempt to fall and a test of the support level near the 0.6505 area. Further, within the framework of the Forex forecast and analytics for tomorrow, an upward rebound is expected and an attempt to continue the growth of the currency pair to the area above the level of 0.6755.
NZD/USD Forecast New Zealand Dollar August 19, 2020
An additional signal in favor of the growth of the NZD/USD currency pair on Forex 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 border of the ascending channel. Cancellation of the growth option for the New Zealand Dollar quotes on Forex will be a fall and a breakdown of the level of 0.6425. This will indicate a breakdown of the support area. In this case, the pair will continue to develop falling to the area below the level of 0.6225. It is worth waiting for confirmation of the growth of the NZD/USD currency pair with the breakdown of the upper boundaries of the «Wedge» model and closing of quotations above the level of 0.6635.
NZD/USD Forecast New Zealand Dollar August 19, 2020 suggests an attempt to test the support area near the level of 0.6505. Where can we expect the continued growth of quotations to the area above the level of 0.6755. 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 fall in prices and a breakdown of the level of 0.6425. In this case, we should expect the pair to continue to decline with a potential target below the level of 0.6225.
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