Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move as part of strong growth and the formation of an inverted «Head and Shoulders» model. Moving averages indicate a short-term bullish trend for the pair. Prices pierced the area between the signal lines up, 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 0.6139. At the moment, we should expect an attempt to fall and test the support level near the area of 0.6005. Further, within the framework of the forecast and Forex analysis for tomorrow, a rebound is expected and an attempt to continue the rise of the currency pair to the area above the level of 0.6355 is expected.
NZD/USD Forecast New Zealand Dollar May 21, 2020
An additional signal in favor of the rise of the NZD/USD pair will be a test of the trend line on the relative strength index (RSI). The second signal in favor of growth will be the formation of an inverted «Head and Shoulders» 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 0.5920. This will indicate a breakdown of the support area. In this case, the pair will continue to develop a fall into the area below the level of 0.5735. 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 0.6155.
NZD/USD Forecast New Zealand Dollar May 21, 2020 suggests an attempt to test the support area near the level of 0.6005. Where can we expect continued growth of quotations in the region above the level of 0.6355. 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 and a breakdown of the level of 0.5920. In this case, we should expect the pair to continue to fall with a potential target below the level of 0.5735.
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