Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move as part of growth and an upward channel. Here the «Head and Shoulders» reversal pattern is formed. 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 0.6577. At the moment, we should expect an attempt to grow and test the resistance level near the area of 0.6485. Further, as part of the forecast and Forex analysis for tomorrow, a downward rebound is expected and an attempt to continue the fall of the currency pair in the region below the level of 0.6370, as part of the development of the reversal model.
NZD/USD Forecast New Zealand Dollar July 14, 2020
An additional signal in favor of the fall of the NZD/USD currency pair at Forex will be a test of a downward trend line on the relative strength index (RSI). The second signal in favor of reducing will be the breakdown of the «Neck» line of the reversal model. Cancellation of the option of falling quotes of the New Zealand Dollar on Forex will be a strong growth and the breakdown level of 0.6605. This will indicate a breakdown of the resistance area. In this case, the pair will continue to develop the rise to the area above the level of 0.6855. Expect confirmation of burning of the NZD/USD currency pair with the breakdown of the support area and closing of quotations below the level of 0.6525.
NZD/USD Forecast New Zealand Dollar July 14, 2020 suggests an attempt to test the resistance area near the level of 0.6485. Where can we expect the continuation of the fall in quotations to the area below the level of 0.6370. An additional signal in favor of the fall will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to reduce the NZD/USD pair will be a strong price increase and a breakdown level of 0.6605. In this case, we should expect the pair to continue to rise with a potential target above the level of 0.6855.
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