The quotes of the currency pair NZD/USD continue to move within the development of growth and a bullish channel. The moving averages indicate the presence of a short-term bullish trend for the pair. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers of the currency pair and a potential continuation of the growth 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 0.6358. At the moment, we should expect an attempt to develop a bearish correction and a test of the support level near the area of 0.6310. Further, within the framework of the forecast and Forex analytics for tomorrow, an upward price rebound and an attempt to develop the growth of the currency pair to the area above the level of 0.6475 are expected.
NZDUSD Forecast and Analysis for October 1, 2024
An additional signal in favor of the rise of the NZD/USD currency pair on Forex will be a test of the support line on the relative strength indicator (RSI). The second signal in favor of this scenario will be a rebound from the area of the lower border of the bullish channel. The cancellation of the growth option for the New Zealand Dollar quotes in the US Dollar pair on Forex will be a price drop and a breakout of the 0.6245 level. This will indicate a breakout of the support area and the lower border of the bullish channel. In this case, the pair will continue to decline to the area below the 0.6085 level. 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 0.6405 level.
NZDUSD Forecast and Analysis for October 1, 2024 suggests an attempt to test the support area near the 0.6310 level. From where we should expect continued growth of quotes to the area above the 0.6475 level. 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 price drop and a breakout of the 0.6245 level. In this case, we should expect the pair to continue to decline with a potential target below 0.6085.
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