Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move as part of growth and an upward channel. Moving averages indicate a short-term bullish trend for the pair. Prices have gone up from the area between the signal lines, which indicates pressure from buyers of the currency pair and the potential continuation of growth. At the time of the publication of the Forex forecast, the rate of the New Zealand Dollar to the US Dollar is 0.6564. At the moment, we should expect an attempt to fall and test the support level near the area of 0.6435. Further, within the framework of the forecast and Forex analysis for tomorrow, an upward rebound is expected and an attempt to continue the rise of the currency pair to the area above the level of 0.6755 is expected.
NZD/USD Forecast New Zealand Dollar July 10, 2020
An additional signal in favor of the growth of the NZD/USD currency pair at Forex will be a test of the ascending trend line on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the lower boundary of the ascending channel. Cancellation of the growth option for the New Zealand Dollar quotes on Forex will be a fall and a breakdown of the level of 0.6325. This will indicate a breakdown of the support area and the quotes going beyond the upstream channel. In this case, the pair will continue to develop a fall to the area below the level of 0.6125. Expect confirmation of the growth of the NZD/USD currency pair with the breakdown of the resistance area and closing of quotations above the level of 0.6635.
Among the important news from New Zealand, which may affect the course of the pair, it is worth highlighting: New Zealand Electronic Card Retail Sales m/m.
NZD/USD Forecast New Zealand Dollar July 10, 2020 suggests an attempt to test the support area near the level of 0.6435. Where can we expect continued growth of quotations in the region above the level of 0.6755. 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 prices and a breakdown of the level of 0.6325. In this case, we should expect continued decline in the pair with a potential target below the level of 0.6125.
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