The quotes of the currency pair NZD/USD continue to move within the development of a fall and a descending channel. The moving averages indicate the presence of a short-term bearish trend for the pair. Prices broke through the area between the signal lines downwards, 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 the US Dollar exchange rate is 0.5977. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the area of 0.6035. Further, within the framework of the forecast and Forex analytics for tomorrow, a price rebound downwards and an attempt to develop a fall in the currency pair to the area below the level of 0.5875 are expected.
NZDUSD Forecast and Analysis for October 29, 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 upper border of the bearish channel. 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 0.6065 level. This will indicate a breakout of the resistance area. In this case, the pair will continue to develop growth to the area above the 0.6285 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 0.5935 level, which will indicate a breakout of the lower border of the descending channel, and this is a signal for a fall by the width of the channel.
NZDUSD Forecast and Analysis for October 29, 2024 suggests an attempt to test the resistance area near the 0.6035 level. From where we should expect a continuation of the fall in quotes to the area below the 0.5875 level. 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 0.6065 level. In this case, we should expect the pair to continue to rise with a potential target above the 0.6285 level.
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