Quotations of the currency pair New Zealand Dollar to US Dollar NZD/USD continue to move within the bearish channel. At this point, we should expect an attempt to test the resistance level near the area of 0.6935 and continue falling to the area below the level of 0.6780.
NZD/USD forecast & technical analysis May 16, 2018
In favor of the fall of NZD/USD, a resistance line test will be performed on the relative strength index (RSI). The cancellation of the New Zealand Dollar quotation will result in a strong growth and breakdown at the level of 0.7010, which will indicate the breakdown of the upper limit of the bearish channel and the continuation of the growth of NZD/USD quotations to the area above the level of 0.7100. To expect confirmation of the fall of the pair is with the breakdown of the support area and the closing of quotations below the level of 0.6890.
NZD/USD forecast & technical analysis May 16, 2018 suggests an attempt to test the resistance area near the level of 0.6935, from which it is expected to continue falling quotations in the area below the level of 0.6780, an additional signal in favor of the fall will test the resistance line on the indicator of relative strength index (RSI).