Quotes of the New Zealand Dollar to US Dollar NZD/USD complete the trading week as part of a correction near the level of 0.6427. Moving averages indicate the presence of a bearish trend for the pair. Prices are again testing the area between the signal ones, which indicates pressure from the sellers of the currency pair and a potential continuation of the fall from the current levels on the market. At the moment, we should expect an attempt to develop the growth of the currency pair on Forex and test the resistance area near the level of 0.6465. Then, a rebound down and the continuation of the fall of the currency pair with a potential target below the level of 0.5725.
NZD/USD Weekly Forecast August 15 — 19, 2022
An additional signal in favor of the fall of the NZD/USD currency pair will be a test of the trend line on the relative strength index (RSI), as we can see, the previous test of such a line provoked a very strong price drop. The second signal will be a rebound from the upper border of the bearish channel. Cancellation of the option of falling quotes of the pair in the current trading week August 15 — 19, 2022 will be a strong growth and a breakdown of the 0.6805 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 0.7085. 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 0.6135.
Among the important news from New Zealand that may have an impact on the exchange rate of the New Zealand Dollar, it is worth highlighting: Reserve Bank of New Zealand Interest Rate Decision, Press conference of the Reserve Bank of New Zealand Zealand Press Conference.
NZD/USD Weekly Forecast August 15 — 19, 2022 suggests an attempt to test the resistance level near the 0.6465 area. Further, the continuation of the fall of the NZD/USD pair to the area below the level of 0.5725. 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 0.6805. In this case, we should expect a continuation of the rise with the target above the level of 0.7085.
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