Quotes of the New Zealand Dollar to US Dollar NZD/USD complete the trading week near the 0.6467 area. The pair continues to move within the descending channel. At the moment, we should expect an attempt to test the resistance area near the level of 0.6520 and continue the decline of the currency pair with a potential target below 0.6230.
NZD/USD weekly forecast October 29 — November 2, 2018
In favor of the fall of the currency pair NZD/USD, a test of the trend line on the relative strength index (RSI), as well as a rebound from the upper limit of the downward channel, will come out. Cancellation of the option of falling quotations in the current trading week of October 29 — November 2, 2018 will be a strong growth and a breakdown of 0.6650, indicating a breakdown of the upper boundary of the channel and continued growth of the NZD/USD pair. Confirmation of the fall of the currency pair at Forex will be a breakdown of the support area and closing of quotes below the 0.6400 area.
NZD/USD weekly forecast October 29 — November 2, 2018 suggests an attempt to test the resistance level near 0.6520 and continue the fall of the NZD/USD pair to the area below 0.6230, the cancellation of the option of falling of the pair will be a strong growth and closing of the NZD/USD quotes above the level of 0.6650, in this case we should expect continued growth.
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