Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move as part of the fall and the downward channel. Moving averages indicate a short-term bearish trend for the pair. Prices have gone far from the area between the signal lines, indicating 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 0.6458. At the moment, we should expect an attempt to grow and test the resistance level near the area of 0.6535. Further, within the framework of the forecast and Forex analysis for tomorrow, a rebound is expected and an attempt to continue to reduce the currency pair to the area below the level of 0.6205.
NZD/USD Forecast New Zealand Dollar February 5, 2020
In favor of reducing the pair NZD/USD, a test of the downward trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper boundary of the downward 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 0.6595. This will indicate a breakdown of the resistance area. In this case, the pair will continue to grow to an area above the level of 0.6765. Expect confirmation of the fall of the NZD/USD pair with the breakdown of the support area and closing of quotations below the level of 0.6415.
Among the important news from New Zealand, which may affect the rate of the NZD/USD pair, it is worth highlighting: New Zealand Employment Change q/q.
NZD/USD Forecast New Zealand Dollar February 5, 2020 suggests an attempt to test the resistance area near the level of 0.6535. Where can we expect the continuation of the fall in quotations to the area below the level of 0.6205. An additional signal in favor of reducing will be a test of the trend 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 0.6595. In this case, we should expect the pair to rise with a potential target above the level of 0.6765.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
