Quotes of the currency pair New Zealand Dollar are ending the trading week with a fall near the 0.6074 level and a bearish channel. The 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 the growth of the currency pair on Forex and a test of the resistance area near the 0.6215 level. Then, a downward rebound and a continuation of the fall of the currency pair with a potential target below the 0.5655 level.
NZD/USD Forecast and Analysis October 21 — 25, 2024
An additional signal in favor of a decline in the NZD/USD currency pair will be a test of the resistance line on the relative strength indicator (RSI indicator). The second signal will be a rebound from the upper border of the descending channel. The cancellation of the option of a decline in the pair’s quotes in the current trading week of October 21 — 25, 2024 will be a strong growth and a breakout of the 0.6345 area. This will indicate a breakout of the resistance area and continued growth of the NZD/USD pair with a potential target above the 0.6705 level. A breakout of the support area and closing of quotes below the 0.5905 area will confirm the fall of the currency pair on Forex, which will indicate a breakout of the lower border of the bullish correction channel.
NZD/USD Forecast and Analysis October 21 — 25, 2024 suggests an attempt to develop a bullish correction and test the resistance level near the 0.6215 area. Further, the continuation of the fall of the NZD/USD pair to the area below the 0.5655 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 pair’s fall option will be a strong growth and closing of NZD/USD quotes above the level of 0.6345. In this case, we should expect the currency pair to continue to rise with a target above the level of 0.6705.
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