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 an attempt to test the resistance level near the area of 0.7070 and continue falling to the area below the level of 0.6880.
NZD/USD forecast & technical analysis May 2, 2018
In favor of the fall of NZD/USD, a resistance 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 0.7120, which will indicate the 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 0.7200. 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 0.6980.
NZD/USD forecast & technical analysis May 2, 2018 suggests an attempt of the resistance area test near the level of 0.7070, from which it is expected to continue falling of quotations in the area below the level of 0.6880, an additional signal in favor of the drop will be a test of 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 0.7120, in which case we should expect the pair to continue growing.
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