The quotes of the currency pair NZD/USD continue to move within the development of a decline and a descending channel. The moving averages indicate the presence of a short-term 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 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 0.5589. At the moment, we should expect an attempt to continue the development of growth and a test of the resistance level near the area of 0.5605. Further, within the framework of the forecast and Forex analytics for tomorrow, a price rebound downwards is expected and an attempt to develop a fall in the currency pair to the area below the level of 0.5525.
NZDUSD Forecast and Analysis for January 4, 2025
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 lower border of the bullish channel. The cancellation of the option of a decrease in New Zealand Dollar quotes in the US Dollar pair on Forex will be a strong price increase and a breakout of the 0.5645 level. This will indicate a breakout of the support area. In this case, the pair will continue to grow to the area below the 0.5875 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 0.5525 level.
NZDUSD Forecast and Analysis for January 4, 2025 suggests an attempt to test the resistance area near the 0.5605 level. Where should we expect the quotes to continue falling to the area below the level of 0.5525. An additional signal in favor of a 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 level of 0.5645. In this case, we should expect the pair to continue rising with a potential target above the level of 0.5875.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
