Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move within the correction and formation of the «Triangle» model. At the time of publication of the forecast, the rate of the New Zealand Dollar against the US Dollar is 0.6806. At this point, we should expect an attempt to test the resistance level near the area of 0.6840 and continue falling to the area below the level of 0.6580.
NZD/USD forecast & technical analysis July 31, 2018
In favor of reducing the pair NZD/USD will perform a downtrend test on the indicator of relative strength index (RSI). The cancellation of the New Zealand Dollar quotation will result in a strong growth and breakdown at the level of 0.6905, which will indicate the breakdown of the resistance area and the continuation of the growth of NZD/USD quotations to the area above the level of 0.7045. To expect confirmation of the fall of the pair is with the breakdown of the lower bound of the «Triangle» model and the closing of quotations below the level of 0.6710.
NZD/USD forecast & technical analysis July 31, 2018 suggests an attempt to test the resistance area near the level of 0.6840, from which it is expected to continue the decline of quotations in the area below the level of 0.6580, an additional signal in favor of the fall will test the trend line on the indicator of relative strength index (RSI).