The quotes of the currency pair NZD/USD continue to move within the development of the fall and the formation of the reversal model “Head and Shoulders”. The moving averages indicate the presence of a short-term bullish trend for the pair. Prices are testing the area between the signal lines, which indicates pressure from buyers of the currency pair and a potential continuation of the growth 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 0.6282. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the area of 0.6345. 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 0.6125.
NZDUSD Forecast and Analysis for October 2, 2024
An additional signal in favor of the fall of the NZD/USD currency pair on Forex will be a test of the resistance line on the relative strength indicator (RSI). The second signal in favor of this scenario will be a rebound from the area of the upper border of the “Head and Shoulders” reversal pattern. The cancellation of the option of falling New Zealand Dollar quotes in the US Dollar pair on Forex will be a strong price growth and a breakout of the 0.6425 level. This will indicate a breakout of the resistance area and the upper border of the bullish channel. In this case, the pair will continue to develop growth to the area above the 0.6735 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 0.6205 level, which will indicate a breakout of the lower border of the “Head and Shoulders” pattern and the beginning of the pattern with targets below.
NZDUSD Forecast and Analysis for October 2, 2024 suggests an attempt to test the resistance area near the 0.6345 level. Where should we expect the quotes to continue falling below 0.6125. An additional signal in favor of the 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 increase and a breakout of 0.6425. In this case, we should expect the pair to continue rising with a potential target above 0.6735.
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