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 «Wolfe Wave» model. Moving averages indicate the presence of a short-term bearish trend for the pair. At the time of publication of the FOREX forecast, the New Zealand Dollar/US Dollar rate is 0.6669. At the moment, we should expect an attempt to grow the pair and test the resistance level near the 0.6745 area. Further, in the framework of the FOREX forecast, an attempt is expected to continue the fall of the currency pair in the region below the level of 0.6490.
NZD/USD Forecast New Zealand Dollar July 12, 2019
In favor of reducing the pair NZD/USD test will perform a downward resistance line on the indicator of relative strength. The second signal will be a rebound from the upper border of the «Wolfe Wave» model. Cancellation of the option of falling quotations of the New Zealand Dollar on Forex will be a strong growth and the breakdown level of 0.6825. This will indicate a breakdown of the model’s upper boundary. In this case, the pair will continue to rise to the area above the level of 0.6955. It is necessary to wait for confirmation of the pair’s fall with the breakdown of the support area and closing of quotes below the level of 0.6575.
NZD/USD Forecast New Zealand Dollar July 12, 2019 implies an attempt to test the resistance area near the level of 0.6745. Where can we expect the continuation of the fall in quotations to the area below the level of 0.6490. An additional signal in favor of reduction will be the test of the resistance line on the relative strength indicator. Cancellation of the fall of the pair NZD/USD will be a strong growth and the breakdown level of 0.6825. In this case, it is worth expecting the continuation of the rise of the pair with a potential target above the level of 0.6955.