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 Triangle model. Moving averages indicate a short-term bullish trend for the pair. Prices are testing 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 0.6104. At the moment, we should expect an attempt to grow and test the resistance level near the area of 0.6155. Further, within the framework of the Forex forecast and analytics for tomorrow, a rebound is expected and an attempt to continue the fall of the currency pair in the region below the level of 0.5945.
NZD/USD Forecast New Zealand Dollar May 13, 2020
An additional signal in favor of reducing the NZD/USD pair will be a test of the trend line on the relative strength index (RSI). The second signal in favor of falling will be a rebound from the upper boundary of the «Triangle» model. Cancellation of the option to reduce the quotes of the New Zealand Dollar on Forex will be a strong growth and the breakdown level of 0.6215. 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 0.6395. Expect confirmation of a fall in the NZD/USD currency pair with the breakdown of the support area and closing of quotations below the level of 0.6005, which will indicate a breakdown of the lower boundary of the «Triangle» model.
Among the important news from New Zealand that may affect the rate of the NZD/USD pair, it is worth highlighting: Reserve Bank of New Zealand Interest Rate Decision, Reserve Bank of New Zealand press conference New Zealand Press Conference.
NZD/USD Forecast New Zealand Dollar May 13, 2020 suggests an attempt to test the resistance area near the level of 0.6155. Where can we expect the continuation of the fall in quotations to the area below the level of 0.5945. An additional signal in favor of reducing will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling NZD/USD pair will be a strong growth and the breakdown level of 0.6215. In this case, we should expect the pair to continue to rise with a potential target above the level of 0.6395.
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