Currency pair New Zealand Dollar US Dollar NZD/USD is trading at 0.6152 and continues to move as part of the development of a correction and a bullish channel. The pair is trading below the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator. This indicates a bearish trend for the New Zealand Dollar/US Dollar pair. Within the NZD/USD Forex forecast for March 20, 2024. A test of the signal line area of the Ichimoku Kinko Hyo indicator is expected near the level of 0.6135. Where can we expect an attempt to rebound downwards and further fall of the NZD/USD pair. The target of such a movement on Forex is the area near the level of 0.6005.
New Zealand Dollar Forecast NZD/USD for March 20, 2024
An additional signal in favor of a decline in 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. Previously, a weak signal was received for sales of the New Zealand Dollar/US Dollar pair. The signal was formed due to the intersection of signal lines at the level of 0.6165.
Cancellation of the option to reduce quotes for the NZD/USD pair will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with quotes closing above the 0.6205 area. This option will indicate a change in the bearish trend in favor of a bullish trend and 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 0.6045, which will indicate a breakdown of the lower boundary of the bullish channel.
New Zealand Dollar Forecast NZD/USD for March 20, 2024 suggests an attempt to test the resistance level near the level of 0.6135. Where can we expect the currency pair to continue to fall with a potential target near the level of 0.6005. Cancellation of the option to reduce the pair will be a breakdown of the area 0.6205. This will indicate continued growth of the pair on Forex with a potential target above the level of 0.6395.
