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 “Wedge” reversal pattern. Moving averages indicate a short-term bullish trend for the pair. Prices went up from the area between the signal lines, which indicates pressure from buyers of the currency pair and a potential continuation of the growth 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 0.7093. At the moment, we should expect an attempt to continue the development of growth and test the resistance level near the 0.7115 area. Further, within the framework of the Forex forecast and analytics for tomorrow, a rebound is expected and an attempt to start the fall of the currency pair to the area below the level of 0.6925 is expected.
NZD/USD Forecast New Zealand Dollar December 17, 2020
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 “Wedge” reversal pattern. Cancellation of the option of falling New Zealand Dollar quotes on Forex will be a strong growth and a breakdown of the level of 0.7185. This will indicate a breakdown of the resistance area. In this case, the pair will continue to develop the rise to the area above the level of 0.7415. 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 0.7045, which will indicate a breakdown of the lower boundary of the “Wedge” model.
Among the important news from New Zealand that may have an impact on the rate of the pair, it is worth highlighting: New Zealand Gross Domestic Product (GDP) q/q.
NZD/USD Forecast New Zealand Dollar December 17, 2020 suggests an attempt to test the resistance area near the level of 0.7115. Where can we expect the continuation of the fall in quotations to the area below the level of 0.6925. 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 0.7185. In this case, we should expect the pair to continue to rise with a potential target above the level of 0.7415.
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