Quotes of the New Zealand Dollar to US Dollar NZD/USD complete the trading week as part of a correction near the level of 0.6296. Moving averages indicate the presence of a bearish trend for the pair. Prices broke through the area between the signal lines, which indicates pressure from buyers of the currency pair and a potential continuation of growth already from current levels in the market. At the moment, we should expect an attempt to develop a bullish correction of the currency pair on Forex and a test of the resistance area near the level of 0.6365. Then, a rebound down and the continuation of the fall of the currency pair with a potential target below the level of 0.5675.
NZD/USD Forecast Weekly Forecast May 8 — 12, 2023
An additional signal in favor of the fall of the NZD/USD currency pair will be a test of the downtrend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option of falling quotes of the pair in the current trading week May 8 — 12, 2023 will be a strong growth and a breakdown of the 0.6575 area. This will indicate a breakdown of the resistance area and a continuation of the rise of the NZD/USD pair with a potential target above the level of 0.6845. The fall of the currency pair on Forex will be confirmed by a breakdown of the support area and closing of quotes below the area of 0.6035.
NZD/USD Forecast Weekly Forecast May 8 — 12, 2023 suggests an attempt to develop a correction and test the resistance level near the 0.6365 area. Further, the continuation of the fall of the NZD/USD pair to the area below the level of 0.5675. An additional signal in favor of the fall will be a test of the trend line on the relative strength index (RSI). Cancellation of the pair’s fall option will be a strong growth and closing of NZD/USD quotes above the level of 0.6575. In this case, we should expect the currency pair to continue to rise with the target above the level of 0.6845.
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