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 «Head and Shoulders» reversal pattern. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices are testing the area between the signal lines, which indicates pressure from sellers. At the time of the publication of the Forex forecast, the rate of the New Zealand Dollar to the US Dollar is 0.6607. At the moment, we should expect an attempt to grow and test the resistance level near the area of 0.6645. 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 0.6275.
NZD/USD Forecast New Zealand Dollar January 22, 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 the completion of the formation of the «Head and Shoulders» reversal pattern. Cancellation of the option of falling quotes of the New Zealand Dollar on FOREX will be a strong growth and the breakdown level of 0.6725. This will indicate a breakdown of the resistance area and the reversal of the reversal pattern. In this case, the pair will continue to develop growth to the area above the level of 0.6855. 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 0.6545.
NZD/USD Forecast New Zealand Dollar January 22, 2020 suggests an attempt to test the resistance area near the level of 0.6645. Where can we expect the continuation of the fall in quotations to the area below the level of 0.6275. 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 0.6725. In this case, we should expect the pair to rise with a potential target above the level of 0.6855.
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