Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move as part of the correction and the upward channel. The «Triangle» model is also being formed, this indicates a decrease in volatility and a quick breakdown of the model and a strong movement towards the breakdown. Moving averages indicate a short-term bullish trend for the pair. Prices were able to push from the area between the signal lines, which indicates pressure from buyers 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 0.6484. At the moment, we should expect an attempt to fall and test the support level near the area of 0.6395. Further, as part 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 0.6795 is expected.
NZD/USD Forecast New Zealand Dollar July 2, 2020
An additional signal in favor of the growth of the NZD/USD currency pair at Forex will be an uptrend test on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the lower boundary of the «Triangle» model. Cancellation of the growth option for the New Zealand Dollar quotes on Forex will be a fall and a breakdown of the level of 0.6145. 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 0.6005. 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 0.6565, which will indicate a breakdown of the upper boundary of the «Triangle» model. In this case, we should expect the development of the model.
NZD/USD Forecast New Zealand Dollar July 2, 2020 suggests an attempt to test the support area near the level of 0.6395. Where can we expect continued growth of quotations in the region above the level of 0.6795. 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 0.6145. In this case, we should expect continued decline in the pair with a potential target below the level of 0.6005.
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