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 0.5986. At the moment, we should expect an attempt to develop a bearish correction and a test of the support level near the area of 0.5955. Further, within the framework of the forecast and Forex analytics for tomorrow, an upward price rebound and an attempt to develop growth of the currency pair to the area above the level of 0.6145 are expected.
NZDUSD Forecast and Analysis for October 31, 2024
An additional signal in favor of the growth 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 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 fall in price and a breakout of the 0.5905 level. This will indicate a breakout of the support area. In this case, the pair will continue to decline to the area below the 0.5725 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 0.6025 level, which will indicate a breakout of the upper border of the downward correction channel.
NZDUSD Forecast and Analysis for October 31, 2024 suggests an attempt to test the support area near the 0.5955 level. From where we should expect continued growth of quotes to the area above the 0.6145 level. An additional signal in favor of the rise will be a test of the trend line on the relative strength indicator. The NZD/USD growth scenario will be cancelled if the price falls and the level of 0.5905 is broken. In this case, we should expect the pair to continue to decline with a potential target below the level of 0.5725.
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