Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move as part of the correction and the bearish channel. Moving averages indicate the presence of a short-term bearish trend for the pair, which is still quite strong. At the time of the publication of the Forex forecast, the rate of the New Zealand Dollar to the US Dollar is 0.6315. At the moment, we should expect an attempt to continue the development of the correction and test the resistance level near the area of 0.6365. 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 0.6115.
NZD/USD Forecast New Zealand Dollar October 11, 2019
In favor of the fall of the NZD/USD pair, a downward resistance line test will be performed on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling quotes of the New Zealand Dollar on Forex will be a strong growth and the breakdown level of 0.6425. This will indicate a breakdown of the resistance area. In this case, the pair will continue to grow to the area above the level of 0.6555. 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 0.6275.
Among the important news from New Zealand that may affect the rate of the NZD/USD pair, it is worth highlighting: New Zealand Electronic Card Retail Sales m/m.
NZD/USD Forecast New Zealand Dollar October 11, 2019 suggests an attempt to test the resistance area near the level of 0.6365. Where can we expect the continuation of the fall in quotations to the area below the level of 0.6115. An additional signal in favor of falling will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option to reduce the pair NZD/USD will be a strong growth and the breakdown level of 0.6425. In this case, we should expect the pair to continue to rise with a potential target above the level of 0.6555.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
