Currency pair New Zealand Dollar to US Dollar NZD/USD ends the trading week near the level of 0.6095. The pair is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud. This indicates a bearish trend for the New Zealand Dollar/US Dollar pair. In the current trading week, a correction of the pair and a test of the lower boundary of the Ichimoku Kinko Hyo indicator Cloud near the level of 0.6125 are expected. Where can we expect an attempt to rebound the pair downwards and a further fall of the pair with a target near the level of 0.5815.
Technical Analysis NZD/USD March 4 — 8, 2024
An additional signal in favor of a fall in the currency pair on FOREX will be a test of the resistance area on the price chart. The second signal will be a rebound from the lower border of the bullish channel. Previously, a signal of average strength was received for purchases of the New Zealand Dollar/US Dollar pair. The signal was formed due to the intersection of signal lines at the level of 0.6105.
Cancellation of the option for the pair’s quotes to fall will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with quotes closing above the 0.6235 area. This will indicate a change in the bearish trend in favor of a bullish trend and continued growth. 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.
Technical Analysis NZD/USD March 4 — 8, 2024 suggests an attempt to develop a correction to the level of 0.6125. Where can we expect a rebound and continued fall of the pair with a potential target near the level of 0.5815. A rebound from the lower boundary of the bullish channel will favor the decline. Cancellation of the option for the currency pair to fall will be a breakdown of the 0.6235 area. In this case, we should expect continued growth and a possible change in the current trend in favor of a bullish trend with a growth target at the level of 0.6475.
