Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move as part of the correction and the bearish channel. Moving averages indicate the presence of a short-term downtrend for the pair. At the time of the publication of the Forex forecast, the rate of the New Zealand Dollar to the US Dollar is 0.6549. At the moment, we should expect an attempt to continue the growth of the pair and test the resistance level near the area of 0.6575. Further, within the framework of the forecast and Forex analysis, an attempt is expected to continue the fall of the currency pair in the area below the level of 0.6405.
NZD/USD Forecast New Zealand Dollar August 7, 2019
In favor of reducing the pair NZD/USD, a test of the upward trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the option of falling quotes of the New Zealand Dollar on Forex will be a strong growth and the breakdown level of 0.6615. This will indicate a breakdown of the upper boundary of the channel. In this case, the pair will continue to grow to the area above the level of 0.6705. Expect confirmation of a fall in the pair with the breakdown of the support area and closing of quotes below the level of 0.6505.
Among the important news from New Zealand that may affect the rate of the NZD/USD pair, it is worth highlighting: Reserve Bank of New Zealand Interest Rate Decision, Reserve Bank of New Zealand Press Conference Press Conference.
NZD/USD Forecast New Zealand Dollar August 7, 2019 suggests an attempt to test the resistance area near the level of 0.6575. Where can we expect the continuation of the fall in quotations to the area below the level of 0.6405. An additional signal in favor of reducing will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option of falling NZD/USD pair will be a strong growth and the breakdown level of 0.6615. In this case, we should expect the pair to continue to rise with a potential target above the level of 0.6705.
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