The quotes of the currency pair NZD/USD continue to move within the framework of the correction development and the formation of the “Wedge” reversal pattern. 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 US Dollar exchange rate is 0.5889. At the moment, we should expect an attempt to continue the growth development and a test of the resistance level near the 0.5835 area. Next, 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 0.6045 are expected.
NZDUSD Forecast and Analysis for November 29, 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 the New Zealand Dollar quotes in the US Dollar pair on Forex will be a fall in price and a breakout of the level of 0.5765. 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 develop a fall to the area below the level of 0.5585. Confirmation of 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 0.5955, which will indicate a breakout of the upper border of the reversal pattern “Head and Shoulders” and the beginning of working out with targets at the top.
NZDUSD Forecast and Analysis for November 29, 2024 suggests an attempt to test the support area near the level of 0.5835. From where we should expect continued growth of quotes to the area above the level of 0.6045. An additional signal in favor of the rise 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 fall in price and a breakout of the level of 0.5765. In this case, we should expect a continuation of the decline of the pair with a potential target below the level of 0.5585.
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