Currency pair New Zealand Dollar US Dollar NZD/USD is trading at 0.5949 and continues to move within the correction and the downward channel. The pair is trading above the upper border of the Cloud indicator Ichimoku Kinko Hyo. This indicates a sideways trend in the New Zealand Dollar/US Dollar pair. Within NZD/USD, Forex forecast for September 1, 2023. A test of the lower border of the Cloud of the Ichimoku Kinko Hyo indicator is expected near the level of 0.5920. Where should we expect an attempt to rebound upwards and further growth of the NZD/USD pair. The purpose of such a movement in Forex is the area near the level of 0.6155.
New Zealand Dollar Forecast NZD/USD for September 1, 2023
An additional signal in favor of the growth of the NZD/USD currency pair will be a rebound from the support area on the price chart. The second signal will be a rebound from the upper border of the bearish channel. Earlier, a strong signal was received for buying the New Zealand Dollar/US Dollar pair. The signal was formed due to the crossing of the signal lines at the level of 0.5920.
Cancellation of the growth option for the quotes of the NZD/USD pair will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with closing quotes below the 0.5875 area. This option will indicate a change in the bullish trend in favor of the bearish trend and the pair will continue to fall. Expect an acceleration in the growth of NZD/USD quotes with a breakdown of the resistance area and closing above the level of 0.6045, which will indicate a breakdown of the upper border of the downward channel.
New Zealand Dollar Forecast NZD/USD for September 1, 2023 suggests an attempt to test the support level near the level of 0.5920. Where should we expect the currency pair to continue to grow with a potential target near the level of 0.6155. Cancellation of the option to lift the pair will be a breakdown of the area of 0.5875. This will indicate the continuation of the fall of the pair on Forex with a potential target below the level of 0.5705.
