Currency pair New Zealand Dollar US Dollar NZD/USD is trading at 0.5946 and continues to move within the correction and the downward channel. The pair is trading below the lower border of the Cloud indicator Ichimoku Kinko Hyo. This indicates a bearish trend for the New Zealand Dollar/US Dollar pair. Within NZD/USD, Forex forecast for August 31, 2023. A test of the upper border of the Cloud of the Ichimoku Kinko Hyo indicator is expected near the level of 0.5955. Where should we expect an attempt to rebound down and further fall of the NZD/USD pair. The purpose of such a movement in Forex is the area near the level of 0.5785.
New Zealand Dollar Forecast NZD/USD for August 31, 2023
An additional signal in favor of the fall of the NZD/USD currency pair will be a rebound from the resistance area on the price chart. The second signal will be a rebound from the upper border of the bearish channel. Earlier, a strong sell signal was received for the New Zealand Dollar/US Dollar pair. The signal was formed due to the crossing of the signal lines at the level of 0.5925.
Cancellation of the option of falling quotes of the NZD/USD pair will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with quotes closing above the 0.6005 area. This option will indicate a change in the bearish trend in favor of the bullish trend and the continued growth of the pair. Expect an acceleration in the fall of NZD/USD quotes with a breakdown of the support area and closing below the level of 0.5855.
New Zealand Dollar Forecast NZD/USD for August 31, 2023 suggests an attempt to test the resistance level near the level of 0.5955. Where should we expect the currency pair to continue falling with a potential target near the level of 0.5785. Cancellation of the option to reduce the pair will be a breakdown of the area of 0.6005. This will indicate the continued growth of the pair on Forex with a potential target above the level of 0.6295.
