Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move as part of the growth and formation of the head and shoulders reversal pattern. Moving averages indicate the presence of a short-term bullish trend for the pair, prices are pushing away from the signal lines, which indicates pressure from the bulls. At the time of the publication of the Forex forecast, the rate of the New Zealand Dollar to the US Dollar is 0.6374. At the moment, we should expect an attempt to grow and test the resistance level near the area of 0.6455. 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 region below the level of 0.6195.
NZD/USD Forecast New Zealand Dollar November 7, 2019
In favor of the growth of the NZD/USD pair, a test of the resistance line on the relative strength index (RSI) will come out. The second signal will be the completion of the formation of the head and shoulders reversal pattern. Cancellation of the option of falling quotes of the New Zealand Dollar on Forex will be a strong growth and the breakdown level of 0.6535. 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 0.6735. Expect confirmation of the fall of the NZD/USD pair with a breakdown of the lower boundary of the rising channel and closing quotes below the level of 0.6305.
NZD/USD Forecast New Zealand Dollar November 7, 2019 suggests an attempt to test the resistance area near the level of 0.6455. Where can we expect the continuation of the fall in quotations to the area below the level of 0.6195. An additional signal in favor of reducing will be a test of the resistance 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 0.6535. In this case, we should expect the pair to continue to rise with a potential target above the level of 0.6735.