Quotes of the currency pair New Zealand dollar against the US dollar NZD USD continues to move in the beginning of the descending forex 1:1 model with the potential to reduce the level below 0.68 area. At the moment, also formed a reversal pattern Forex Head and shoulders, that will indicate a potential rebound from an upper limit of the downward channel and began to fall to below 0.7020.
Technical analysis and forecast NZD USD on January 24, 2017
Cancellation option will be a strong growth of quotations NZD/USD above the 0.7240 level, which indicates an upper boundary of the channel breakdown and continued growth of quotations in the area above the level of 0.74.
In favor of the fall comes the next test of the descending trend line on the indicator of relative strength. Important news from New Zealand tomorrow is not expected, so the pair will continue to move in the technical analysis of the NZD/USD.
Technical analysis and forecast NZD USD on January 24, 2017 suggests an attempt to fall within the beginning of working out a reversal pattern Forex Head and Shoulders on the indicator of relative strength with the potential to reduce to below 0.7240 area.
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