Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move as part of the decline and the downward channel. Moving averages indicate a short-term bearish trend for the pair. Prices push from the area between the signal lines, which indicates pressure from the sellers of the currency pair. At the time of the publication of the Forex forecast, the rate of the New Zealand Dollar to the US Dollar is 0.6433. At the moment, we should expect an attempt to reduce and test the support level near the area of 0.6405. Further, within the framework of the forecast and Forex analysis for tomorrow, a rebound is expected and an attempt to continue the growth of the currency pair in the region above the level of 0.6605.
NZD/USD Forecast New Zealand Dollar February 18, 2020
In favor of the growth of the NZD/USD pair, a test of the trend line on the relative strength index (RSI) will come out. The second signal in favor of the rise will be the formation of an inverted model «Head and shoulders». Cancellation of the growth option for the New Zealand Dollar quotes on Forex will be a fall and a breakdown of the level of 0.6355. 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 0.6225. Expect confirmation of a fall in NZD/USD growth with the breakdown of the resistance area and closing of quotations above the level of 0.6505.
NZD/USD Forecast New Zealand Dollar February 18, 2020 suggests an attempt to test the support area near the level of 0.6405. Where can we expect continued growth of quotations in the region above the level of 0.6605. 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 and a breakdown of the level of 0.6355. In this case, we should expect continued decline in the pair with a potential target below the level of 0.6225.
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