The quotations for the currency pair New Zealand Dollar against US Dollar (NZD/USD) are continuing their movement within the context of a decline development and the formation of a descending “Wolff Wave” pattern. Moving averages point towards a short-term bearish trend for this pair. The prices have pierced the area between signal lines downwards, indicating pressure from sellers in this currency pair and potential continuation of the depreciation of the instrument’s value already at current levels. At the time of publishing the Forex forecast, the rate of New Zealand Dollar to US Dollar stands at 0.5901. Currently, it is expected that there will be an attempt for growth development and testing resistance level near the area of 0.5985. Further, in terms of tomorrow’s Forex prediction and analysis, a price rebound downwards and attempt to develop a decline in the currency pair towards levels below 0.5785 is anticipated.
NZDUSD Forecast and Analysis for May 16, 2025
Additional indication of the depreciation of the NZD/USD currency pair on Forex will be a test of the resistance line on the Relative Strength Index (RSI) indicator. A second signal in favor of this scenario is rebounding from the upper border of the descending “Wolfe Wave” pattern. Cancellation of the option for a drop in the New Zealand Dollar quotes against the US Dollar on Forex will be a strong price increase and penetration of the 0.6035 level. This will indicate a breakthrough of the resistance area. In this case, the pair will continue to develop its growth into the region above the 0.6245 level. To expect confirmation of depreciation of the NZD/USD currency pair should be with a break through the support area and closing quotes below the 0.5875 level.
NZDUSD Forecast and Analysis for May 16, 2025 anticipates a test of the resistance zone near the level of 0.5985. A continuation of the price drop towards an area below the level of 0.5785 can be expected from this. An additional signal in favor of decline would be a test of the resistance line on the Relative Strength Index (RSI) indicator. A rejection of the downward movement option for the NZD/USD pair will be a strong price increase and a breakout above level 0.6035. In this case, one should anticipate further elevation in the currency pair with a potential target above the level of 0.6245.
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