Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move as part of the fall and the beginning of the development of the “Head and Shoulders” reversal pattern. Moving averages indicate a short-term bullish trend for the pair. Prices went up from the area between the signal lines, which indicates pressure from buyers of the currency pair and a potential continuation of the rise in the value of the instrument from the current levels. At the time of the publication of the Forex forecast, the rate of the New Zealand Dollar to the US Dollar is 0.7157. At the moment, we should expect an attempt to develop a rise and test the resistance level near the 0.7175 area. Further, as part of the forecast and Forex analytics for tomorrow, the price is expected to rebound downward and an attempt to continue the fall of the currency pair to the area below the level of 0.6905.
NZD/USD Forecast New Zealand Dollar November 3, 2021
An additional signal in favor of the fall of the NZD/USD currency pair on Forex will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of a decline will be a rebound from the lower boundary of the bullish channel. Cancellation of the option of falling New Zealand Dollar quotes on Forex will be a strong growth and a breakdown of the level of 0.7285. This will indicate a breakdown of the resistance area and the upper border of the bullish channel. In this case, the pair will continue to develop the rise to the area above the level of 0.7545. It is worth waiting for 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 0.7085.
Among the important news from New Zealand that may have an impact on the rate of the pair, it is worth highlighting: New Zealand Employment Change q/q, Statement by the Chairman of the Reserve Bank of New Zealand Orr Governor Orr Speech.
NZD/USD Forecast New Zealand Dollar November 3, 2021 imply an attempt to test the resistance area near the level of 0.7175. Where can we expect the continuation of the fall in quotations to the area below the level of 0.6905. An additional signal in favor of a decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to drop the NZD/USD pair will be a strong price increase and a breakdown of the level of 0.7285. In this case, we should expect the pair to continue to rise with a potential target above the level of 0.7545.
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