Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move within the framework of the bullish correction. At this point, we should expect an attempt to test the upper border of the channel near the area of 0.7055 and continue falling into the area below the level of 0.6790.
NZD/USD forecast & technical analysis June 1, 2018
In favor of the fall of NZD/USD, a trend line test will be performed on the relative strength index (RSI). The cancellation of the New Zealand Dollar quotation will result in a strong growth and breakdown at the level of 0.7070, which will indicate a breakdown of the upper border of the channel and the continuation of the growth of NZD/USD quotations to the area above the level of 0.7150. To expect confirmation of the fall of the pair is with the breakdown of the uptrend line on the indicator relative strength index (RSI) and the closing of quotations below the level of 0.6895.
NZD/USD forecast & technical analysis June 1, 2018 suggests a test of the resistance area near the level of 0.7055, from which it is expected to continue falling of quotations in the area below the level of 0.6790, an additional signal in favor of the fall will be a test of the resistance line on the indicator of relative strength index (RSI), the NZD/USD pair’s decline will be a strong growth and breakdown at the level of 0.7070, in which case we should expect the pair to continue growing.
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