Quotes of the New Zealand Dollar to US Dollar NZD/USD complete the trading week near the area of 0.6537. Moving averages indicate the presence of a bearish trend for the pair. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the currency pair and a potential continuation of the fall from current levels on the market. At the moment, we should expect an attempt to develop a correction of the currency pair on Forex and a test of the resistance area near the level of 0.6645. Then, a rebound down and the continuation of the fall of the currency pair with a potential target below the level of 0.5745.
NZD/USD Weekly Forecast January 31 — February 4, 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). The second signal will be a rebound from the upper border of the descending channel. It is also worth noting that the price has fixed under the lower curtain of the descending channel, so it is expected to fall by the width of the channel down. Cancellation of the option of falling quotes of the pair in the current trading week of January 31 — February 4, 2022 will be a strong growth and a breakdown of the 0.7155 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 0.7505. 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 0.6445.
Among the important news from New Zealand that may have an impact on the New Zealand Dollar, it is worth highlighting: New Zealand Employment Change q/q.
NZD/USD Weekly Forecast January 31 — February 4, 2022 suggests an attempt to test the resistance level near the 0.6645 area. Further, the continuation of the fall of the NZD/USD pair to the area below the level of 0.5745. 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 0.7155. In this case, we should expect a continuation of the rise with the target above the level of 0.7505.
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