Quotes of the New Zealand Dollar to US Dollar NZD/USD complete the trading week as part of a fall near the level of 0.5624. Moving averages indicate the presence of a bearish trend for the pair. Prices have gone down from 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 a bullish correction of the currency pair on Forex and test the resistance area near the level of 0.5875. Then, a rebound down and the continuation of the fall of the currency pair with a potential target below the level of 0.4735.
NZD/USD Weekly Forecast October 17 — 21, 2022
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 October 17 — 21, 2022 will be a strong growth and a breakdown of the area of 0.6175. 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 0.6495. A confirmation of the fall of the currency pair on Forex will be a breakdown of the support area and the closing of quotes below the 0.5445 area, while the bears are unable to gain a foothold below this level.
NZD/USD Weekly Forecast October 17 — 21, 2022 suggests an attempt to develop a correction and test the resistance level near the 0.5875 area. Further, the continuation of the fall of the NZD/USD pair to the area below the level of 0.4735. 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 0.6175. In this case, we should expect a continuation of the rise with the target above the level of 0.6495.
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