Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move as part of the decline and the formation of the inverted «Head and Shoulders» model, which is nearing completion. As you can see, quotes are testing the area of formation of the «Right Shoulder» of the 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 0.6323. At the moment, we should expect an attempt to develop a decline and a test of the support level near the area of 0.6315. Further, within the framework of the forecast and FOREX analysis for tomorrow, a rebound is expected and an attempt to start the growth of the currency pair in the region above the level of 0.6525 as part of the start of the development of the reversal model.
NZD/USD Forecast New Zealand Dollar September 18, 2019
In favor of the growth of the NZD/USD pair, a test of the support line on the relative strength index (RSI) will come out. The second signal will be the completion of the formation of the inverted «Head and Shoulders» model. Cancellation of the growth option for the New Zealand Dollar quotes on Forex will be a fall and a breakdown of the level of 0.6265. This will indicate a breakdown of the support area. In this case, the pair will continue to decline to the area below the level of 0.6055. Expect confirmation of the growth of the NZD/USD pair with the breakdown of the resistance area and closing of quotations above the level of 0.6465. This will indicate the completion of the reversal pattern.
NZD/USD Forecast New Zealand Dollar September 18, 2019 suggests an attempt to test the support area near the level of 0.6315. Where can we expect continued growth of quotations in the region above the level of 0.6525. 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 0.6265. In this case, we should expect continued decline in the pair with a potential target below the level of 0.6055.
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