Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move within the correction and the descending channel. At the time of publication of the Forex forecast, the New Zealand Dollar/US Dollar rate is 0.6572. At the moment, we should expect an attempt to grow the pair and test the resistance level near the area of 0.6590. Further, as part of the FOREX forecast, it is expected that the currency pair will continue to fall into the area below the level of 0.6475.
NZD/USD Forecast New Zealand Dollar May 17, 2019
In favor of the fall of the pair NZD/USD will rebound from the downward trend line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the descending channel. Cancellation of the option of falling quotations of the New Zealand Dollar on Forex will be a strong growth and the breakdown level of 0.6645. This will indicate a breakdown of the upper boundary of the downward channel. In this case, the pair will continue to grow in the area above the level of 0.6735. Expect confirmation of a decline in the pair with the breakdown of the support area and closing of quotes below the level of 0.6515.
Among the important news from New Zealand that may affect the NZD/USD pair rate, it is worth highlighting: Business NZ New Zealand Manufacturing Index.
NZD/USD Forecast New Zealand Dollar May 17, 2019 implies an attempt to test the resistance area near the level of 0.6590. Where can we expect the continuation of the fall in quotations to the area below the level of 0.6475. An additional signal in favor of the fall will be the test of the resistance line on the relative strength index (RSI). Cancellation of the option of reducing the pair NZD/USD will be a strong growth and the breakdown level of 0.6645. In this case, it is worth expecting the continuation of the rise of the pair with a potential target above 0.6735.