Quotes of the New Zealand Dollar to US Dollar NZD/USD complete the trading week near the 0.6667 area. The pair continues to move in growth. At the moment, we should expect an attempt to test the support area near the level of 0.6500 and the continued growth of the currency pair with a potential target above the level of 0.7030.
NZD/USD weekly forecast & analysis November 5 — 9, 2018
The test of the trend line on the relative strength index (RSI), as well as the formation of the «Head and Shoulders» reversal pattern, will be in favor of the NZD/USD currency pair growth. Cancellation of the growth of quotations in the current trading week on November 5 — 9, 2018 will be a fall and a breakdown of the area of 0.6350, which will indicate the breakdown of the support area and the continued decline of the NZD/USD pair. Confirmation of the growth of the currency pair at Forex will be the breakdown of the resistance area and the closing of quotes above the 0.6400 area.
Among the important news from New Zealand that may have an impact on the New Zealand Dollar rate is the following: Unemployment rate, Change in the number of employees, Decision of the Reserve Bank of New Zealand at the basic interest rate, Accompanying statement of the Reserve Bank of New Zealand.
NZD/USD weekly forecast & analysis November 5 — 9, 2018 suggests an attempt to test the resistance level near 0.6500 and continue the fall of the NZD/USD pair to the area below 0.7030, an additional signal in favor of the decline is the test of the bearish trend line on the relative strength index (RSI), the cancellation of the option of falling of the pair will be a strong growth and closing of the NZD/USD quotes above the level of 0.6350, in this case we should expect continued growth.
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