Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move as part of growth and a bullish channel. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the currency pair and a potential continuation of the rise in the value of the instrument already from current levels. At the time of publication of the Forex forecast, the exchange rate of the New Zealand Dollar to the US Dollar is 0.6873. At the moment, we should expect an attempt to develop a correction and test the support level near the area of 0.6785. Further, as part of the Forex forecast and analytics for tomorrow, the price is expected to bounce up and an attempt to continue the rise of the currency pair to the area above the level of 0.7090.
NZD/USD Forecast New Zealand Dollar March 8, 2022
An additional signal in favor of the rise of the NZD/USD currency pair on Forex will be a test of the support line on the relative strength index (RSI). The second signal in favor of the fall will be a rebound from the lower border of the bullish 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 0.6705. This will indicate a breakdown of the support area and the lower border of the bullish channel. In this case, the pair will continue to develop a fall to the area below the level of 0.6525. It is worth waiting for confirmation of the rise in the NZD/USD currency pair with a breakdown of the resistance area and closing quotes above the level of 0.7025.
NZD/USD Forecast New Zealand Dollar March 8, 2022 suggests an attempt to test the support area near the level of 0.6785. Where should we expect the continuation of the growth of quotations in the area above the level of 0.7090. 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 price drop and a breakdown of the level of 0.6705. In this case, we should expect the pair to continue to decline with a potential target below the level of 0.6525.
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