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» model. Moving averages indicate the presence of a short-term bearish trend for the pair. At the time of the publication of the Forex forecast, the rate of the New Zealand Dollar to the US Dollar is 0.6318. At the moment, we should expect an attempt to continue the development of the bullish correction and test the resistance level near the area of 0.6345. 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 0.6170.
NZD/USD Forecast New Zealand Dollar October 9, 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 «Triangle» model. Cancellation of the option of falling quotes of the New Zealand Dollar on Forex will be a strong growth and the breakdown level of 0.6390. 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 0.6485. Expect confirmation of the fall of the NZD/USD pair with the breakdown of the support area and closing of quotations below the level of 0.6275.
NZD/USD Forecast New Zealand Dollar October 9, 2019 suggests an attempt to test the support area near the level of 0.6345. Where can we expect continued growth of quotations in the region above the level of 0.6170. An additional signal in favor of growth will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option for the NZD/USD pair will be a fall and a breakdown of the level of 0.6390. In this case, we should expect continued decline in the pair with a potential target below the level of 0.6485.