Quotes of the currency pair New Zealand Dollar are ending the trading week with growth near the 0.5706 level. Moving averages indicate a bearish trend for the pair. Prices have broken through the area between the signal lines downwards, which indicates pressure from 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 a fall in the currency pair on Forex and a test of the support area near the level of 0.5545. Then, an upward rebound and continued growth of the currency pair with a potential target above the level of 0.6075.
NZD/USD Weekly Forecast February 17 — 21, 2025
An additional signal in favor of the growth of the NZD/USD currency pair will be a test of the support line on the relative strength indicator (RSI indicator). The second signal will be a rebound from the lower border of the bearish channel. The cancellation of the growth option for the pair’s quotes in the current trading week of February 17 — 21, 2025 will be a fall and a breakout of the 0.5375 area. This will indicate a breakout of the support area and a continuation of the fall of the NZD/USD pair with a potential target below the level of 0.5155. The growth of the currency pair on Forex will be confirmed by a breakout of the resistance area and closing of quotes above the 0.5805 area, which will indicate a breakout of the upper border of the “Head and Shoulders” reversal pattern and the beginning of the implementation of the pattern with targets at the top.
NZD/USD Weekly Forecast February 17 — 21, 2025 suggests an attempt to develop a bearish correction and test the support level near the 0.5545 area. Further, the continuation of the growth of the NZD/USD pair to the area above the 0.6075 level. An additional signal in favor of the rise will be a test of the trend line on the relative strength indicator. The cancellation of the pair’s growth option will be a drop in the closing of NZD/USD quotes below the level of 0.5375. In this case, we should expect a continuation of the decline of the currency pair with a target below the level of 0.5155.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
