The quotes of the currency pair NZD/USD continue to move within the development of the correction and the beginning of the implementation of the “Wedge” reversal pattern. The moving averages indicate the presence of a short-term 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 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 0.5889. At the moment, we should expect an attempt to continue the development of the fall and a test of the support level near the area of 0.5825. Further, within the framework of the forecast and Forex analytics for tomorrow, a price rebound upwards and an attempt to develop the growth of the currency pair to the area above the level of 0.6065 are expected.
NZDUSD Forecast and Analysis for December 3, 2024
An additional signal in favor of the growth of the NZD/USD currency pair on Forex will be a test of the bullish trend line on the relative strength indicator (RSI). The second signal in favor of this scenario will be a rebound from the lower border of the reversal pattern “Head and Shoulders”. The cancellation of the growth option of New Zealand Dollar quotes in the US Dollar pair on Forex will be a price drop and a breakout of the level of 0.5745. This will indicate a breakout of the support area and the lower border of the reversal pattern “Head and Shoulders”. In this case, the pair will continue to fall to the area below the level of 0.5575. Confirmation of the growth of the NZD/USD currency pair should be expected with a breakout of the resistance area and closing of quotes above the level of 0.5985.
NZDUSD Forecast and Analysis for December 3, 2024 suggests an attempt to test the support area near the level of 0.5825. From where we should expect continued growth of quotes to the area above the level of 0.6065. An additional signal in favor of growth will be a test of the trend line on the relative strength indicator. The cancellation of the growth option for the NZD/USD pair will be a price drop and a breakout of the 0.5745 level. In this case, we should expect a continuation of the pair’s decline with a potential target below the 0.5575 level.
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