Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move in a bearish channel. At the time of the publication of the forecast, the rate of the New Zealand Dollar to the US Dollar is 0.6525. At the moment, we should expect an attempt to test the resistance level near the 0.6585 area and the beginning of the fall into the area below the level of 0.6390.
NZD/USD forecast New Zealand Dollar October 25, 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 worth waiting for the confirmation of a decline in the pair with the breakdown of the support area and closing of quotes below the level of 0.6500.
NZD/USD forecast New Zealand Dollar October 25, 2018 suggests an attempt to test the resistance area near the level of 0.6585, from which we can expect further reduction of quotations to the area below the level 0.6390; the option of reducing the pair NZD/USD will be a strong increase and the breakdown level of 0.6625, in this case, we should expect the pair to continue to grow.