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 «Wedge» reversal 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 the sellers 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 0.6047. At the moment, we should expect an attempt to grow and test the resistance level near the area of 0.6135. Further, within the framework of the forecast and Forex analysis for tomorrow, a rebound is expected and an attempt to continue the fall of the currency pair in the area below the level of 0.5655.
NZD/USD Forecast New Zealand Dollar May 8, 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 the fall will be the completion of the formation of the reversal model «Wedge». 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 0.6225. 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 0.6355. Expect confirmation of the fall of the NZD/USD currency pair with the breakdown of the support area and closing of quotations below the level of 0.5975, which will indicate a breakdown of the lower boundary of the «Wedge» model.
NZD/USD Forecast New Zealand Dollar May 8, 2020 suggests an attempt to test the resistance area near the level of 0.6135. Where can we expect the continuation of the fall in quotations to the area below the level of 0.5655. 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 0.6225. In this case, we should expect the pair to continue to rise with a potential target above the level of 0.6355.
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