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 an inverted Head and Shoulders pattern. Moving averages indicate a short-term bullish trend for the pair. Prices are again testing 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 0.7222. At the moment, we should expect an attempt to develop a correction and test the support level near the 0.7185 area. Further, within the framework of the Forex forecast and analytics for tomorrow, a rebound is expected and an attempt to continue to rise the currency pair to the area above the level of 0.7305 is expected.
NZD/USD Forecast New Zealand Dollar February 16, 2021
An additional signal in favor of a rise in the NZD/USD currency pair on Forex will be a test of the support line on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the lower border of the bullish Head and Shoulders pattern. Cancellation of the growth option for the New Zealand Dollar quotes on Forex will be a fall and a breakdown of the level of 0.7145. 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 0.7005. It is worth waiting for confirmation of a rise in the NZD/USD currency pair with the breakdown of the resistance area and closing of quotations above the level of 0.7145.
NZD/USD Forecast New Zealand Dollar February 16, 2021 suggests an attempt to test the support area near the level of 0.7185. Where can we expect the continued growth of quotations to the area above the level of 0.7305. 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 price and a breakdown of the level of 0.7145. In this case, we should expect the pair to continue to decline with a potential target below the level of 0.7005.
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