Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move in a downward channel. At the time of publication of the forecast, the rate of the New Zealand Dollar to the US Dollar is 0.6552. At the moment, we should expect an attempt to test the resistance level near the 0.6595 area and the beginning of a fall into the area below the level of 0.6420.
NZD/USD forecast New Zealand Dollar October 24, 2018
The test of the broken trend line on the indicator of relative strength index (RSI), as well as the formation of the «Head and Shoulders» reversal pattern will be in favor of the NZD/USD pair fall. Cancellation of the option of falling New Zealand Dollar quotations on Forex will be a strong growth and a breakdown level of 0.6625, which will indicate a breakdown of the upper boundary of the channel and continued growth of NZD/USD quotes to the area above the level of 0.6745. It is necessary to wait for confirmation of a decline in the pair with the breakdown of the support area and closing of quotes below the level of 0.6520.
NZD/USD forecast New Zealand Dollar October 24, 2018 implies an attempt to test the resistance area near 0.6595, from which we can expect further decline in quotations to below 0.6420.