The quotes of the currency pair NZD/USD continue to move within the development of the correction and the descending channel. The moving averages indicate the presence of a short-term bearish trend for the pair. Prices broke through the area between the signal lines downwards, which indicates pressure from sellers of the currency pair and a potential continuation of the decline in the value of the instrument from the current levels. At the time of publication of the Forex forecast, the New Zealand Dollar to the US Dollar exchange rate is 0.5638. At the moment, we should expect an attempt to continue the growth and a test of the resistance level near the area of 0.5655. Further, within the framework of the forecast and Forex analytics for tomorrow, a price rebound downwards and an attempt to develop a fall in the currency pair to the area below the level of 0.5535 are expected.
NZDUSD Forecast and Analysis for December 24, 2024
An additional signal in favor of the fall of the NZD/USD currency pair on Forex will be a test of the bearish trend line on the relative strength indicator (RSI). The second signal in favor of this scenario will be a rebound from the upper border of the descending channel. The cancellation of the option of reducing the New Zealand Dollar quotes in the US Dollar pair on Forex will be a strong price growth and a breakout of the 0.5735 level. This will indicate a breakout of the support area. In this case, the pair will continue to develop growth to the area below the 0.6145 level. Confirmation of the fall of the NZD/USD currency pair should be expected with a breakout of the support area and closing of quotes below the 0.5605 level, which will indicate a breakout of the lower border of the “Wedge” pattern and the beginning of the implementation of the pattern with targets below.
NZDUSD Forecast and Analysis for December 24, 2024 suggests an attempt to test the resistance area near the 0.5655 level. From where we should expect a continuation of the fall in quotes to the area below the 0.5535 level. An additional signal in favor of the decline will be a test of the trend line on the relative strength indicator. The cancellation of the NZD/USD pair fall option will be a strong price growth and a breakout of the 0.5735 level. In this case, we should expect the pair to continue to rise with a potential target above the 0.6145 level.
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