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 0.5912. Moving averages indicate a bearish trend for the pair. Prices have broken through the area between the signal lines downwards, 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 0.6145. Then, a rebound downwards and a continuation of the fall of the currency pair with a potential target below the level of 0.5165.
NZD/USD Weekly Forecast September 18 — 22, 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 lower boundary of the bullish correction channel, which was broken down by sellers. Cancellation of the option of falling pair quotes in the current trading week of September 18 — 22, 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 0.6745. Confirmation of the fall of the currency pair on Forex will be a breakdown of the support area and closing of quotes below the 0.5845 area.
Among the important news from New Zealand that may have an impact on the New Zealand Dollar exchange rate, it is worth highlighting: New Zealand Gross Domestic Product (GDP) q/q.
NZD/USD Weekly Forecast September 18 — 22, 2023 suggests an attempt to develop a correction and test the resistance level near the 0.6145 area. Further, the NZD/USD pair will continue to fall to the area below the level of 0.5165. 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 0.6745.
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