Quotes of the currency pair New Zealand Dollar are ending the trading week with a fall near the 0.5870 level and are moving within the formation of the “Triangle” model. The moving averages indicate a bearish trend for the pair. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the currency pair and a potential continuation of the fall from the current levels on the market. At the moment, we should expect an attempt to develop a decline in the currency pair on Forex and a test of the support area near the 0.5805 level. Then, an upward rebound and continued growth of the currency pair with a potential target above the 0.6245 level.
NZD/USD Forecast and Analysis November 18 — 22, 2024
An additional signal in favor of the growth of the NZD/USD currency pair will be a test of the support line on the relative strength indicator (RSI indicator). The second signal will be a rebound from the lower border of the “Triangle” pattern. The cancellation of the growth option for the pair’s quotes in the current trading week of November 18 — 22, 2024 will be a fall and a breakout of the 0.5675 area. This will indicate a breakout of the support area and a continuation of the fall of the NZD/USD pair with a potential target below the level of 0.5465. The growth of the currency pair on Forex will be confirmed by a breakout of the resistance area and closing of quotes above the 0.6075 area, which will indicate a breakout of the upper border of the descending correction channel.
NZD/USD Forecast and Analysis November 18 — 22, 2024 suggests an attempt to develop a bearish correction and test the support level near the 0.5805 area. Further, the continuation of the growth of the NZD/USD pair to the area above the level of 0.6245. An additional signal in favor of growth will be a test of the trend line on the relative strength indicator. The cancellation of the growth option for the pair will be a drop in the closing of NZD/USD quotes below 0.5675. In this case, we should expect a continuation of the decline in the currency pair with a target below 0.5465.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
