Quotes of the currency pair New Zealand Dollar against the US Dollar NZD/USD end the trading week within the framework of the fall near the level of 0.6026. Moving averages indicate a bearish trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from sellers of the currency pair and a potential continuation of the fall from current levels in the market. At the moment, we should expect an attempt to develop a bullish correction of the currency pair on Forex and a test of the resistance area near the level of 0.6075. Then, a rebound downwards and a continuation of the fall of the currency pair with a potential target below the level of 0.5475.
NZD/USD Weekly Forecast October 2 — 6, 2023
An additional signal in favor of a fall in the NZD/USD currency pair will be a test of the downward trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the downward channel. Cancellation of the option of falling pair quotes in the current trading week of October 2 — 6, 2023 will be a strong growth and a breakdown of the 0.6365 area. This will indicate a breakdown of the resistance area and a continued rise in the NZD/USD pair with a potential target above the level of 0.6775. Confirmation of the fall of the currency pair on Forex will be a breakdown of the support area and closing of quotes below the 0.5875 area.
NZD/USD Weekly Forecast October 2 — 6, 2023 suggests an attempt to develop a correction and test the resistance level near the 0.6075 area. Further, the NZD/USD pair will continue to fall to the area below the level of 0.5475. An additional signal in favor of a fall will be a test of the trend line on the relative strength index (RSI). Cancellation of the option for the pair to fall will be a strong growth and closing of NZD/USD quotes above the level of 0.6365. In this case, we should expect the currency pair to continue to rise with a target above the level of 0.6775.
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