Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move as part of the correction and the formation of the ”Triangle” 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 already 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 0.7179. At the moment, we should expect an attempt to develop a correction and a test of the support level near the 0.7155 area. Further, as part of the forecast and Forex analytics for tomorrow, the price is expected to rebound upward and an attempt to continue the growth of the currency pair to the area above the level of 0.7315.
NZD/USD Forecast New Zealand Dollar October 29, 2021
An additional signal in favor of the growth 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 border of the ascending channel. Cancellation of the growth option for the New Zealand Dollar quotes on Forex will be a fall and a breakdown of the level of 0.7090. This will indicate a breakdown of the support area. In this case, the pair will continue to develop a decline to the area below the level of 0.6875. It is worth waiting for confirmation of the growth of the NZD/USD currency pair with the breakdown of the resistance area and closing of quotations above the level of 0.7245, which will also indicate the price going beyond the ”Triangle” model.
NZD/USD Forecast New Zealand Dollar October 29, 2021 suggests an attempt to test the support area near the level of 0.7155. Where can we expect the continued growth of quotations to the area above the level of 0.7315. An additional signal in favor of the rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for the NZD/USD pair will be a fall in price and a breakdown of the level of 0.7090. In this case, we should expect the pair to continue to decline with a potential target below the level of 0.6875.
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