Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move within the descending channel. At this point, we should expect a test of resistance level near the area of 0.7335 and continuation of the fall in the area below the level of 0.7140.
NZD/USD forecast & technical analysis April 20, 2018
In favor of the fall of NZD/USD, a test of the broken resistance line on the relative strength index (RSI) will appear, as well as the formation of the «Head and Shoulders» reversal model. The cancellation of the New Zealand Dollar quotation will result in a strong growth and breakdown at the level of 0.7405, which will indicate the breakdown of the upper border of the channel and the continuation of the growth of NZD/USD quotes. To expect confirmation of the fall of the pair is with the breakdown of the support area and the closing of quotations below the level of 0.7230.
NZD/USD forecast & technical analysis April 20, 2018 suggest an attempt to test the resistance area near the level of 0.7335, from which it is expected to continue falling of quotations in the area below the level of 0.7140, an additional signal in favor of the drop will test the resistance line on the indicator of relative strength index (RSI), the option of reducing the NZD/USD pair will be a strong growth and breakdown at the level of 0.7405, in which case we should expect the pair to continue growing.
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