Quotes of the New Zealand Dollar to US Dollar NZD/USD complete the trading week as part of a fall near the level of 0.5799. 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 a test of the resistance area near the level of 0.5945. Then, a rebound down and the continuation of the fall of the currency pair with a potential target below the level of 0.4985.
NZD/USD Weekly Forecast October 31 — November 4, 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 lower border of the descending channel. Cancellation of the option of falling quotes of the pair in the current trading week of October 31 — November 4, 2022 will be a strong growth and a breakdown of the 0.6255 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 0.6585. 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 0.5505.
NZD/USD Weekly Forecast October 31 — November 4, 2022 suggests an attempt to develop a correction and test the resistance level near the 0.5945 area. Further, the continuation of the fall of the NZD/USD pair to the area below the level of 0.4985. 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 0.6255. In this case, we should expect a continuation of the rise with the target above the level of 0.6585.
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