Quotes of the currency pair New Zealand Dollar are ending the trading week with a fall near the 0.5966 level and are moving within the ascending channel. Moving averages indicate a bullish 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 level of 0.5905. Then, an upward rebound and continued growth of the currency pair with a potential target above the level of 0.6245.
NZD/USD Forecast and Analysis November 4 — 8, 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 bullish channel. The cancellation of the growth option for the pair’s quotes in the current trading week of November 4 — 8, 2024 will be a fall and a breakout of the 0.5845 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 0.5635. The growth of the currency pair on Forex will be confirmed by a breakout of the resistance area and closing of quotes above the 0.6085 area, which will indicate a breakout of the upper border of the downward correction channel.
NZD/USD Forecast and Analysis November 4 — 8, 2024 suggests an attempt to develop a bearish correction and test the support level near the 0.5915 area. Further, the continuation of the growth of the NZD/USD pair to the area above the 0.6415 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 pair will be a fall in the closing of NZD/USD quotes below the 0.5845 level. In this case, we should expect the currency pair to continue to decline with a target below the level of 0.5635.
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