Currency pair New Zealand Dollar to US Dollar NZD/USD completes the trading week near the level of 0.6099. 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, the pair is expected to correct and test the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator near the level of 0.6155. Where should we expect an attempt to rebound the pair down and further reduce the pair with a target near the level of 0.5645.
Technical Analysis NZD/USD September 12 — 16, 2022
An additional signal in favor of the fall of 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 upper border of the bearish channel. Earlier, a weak 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 0.6185.
Cancellation of the option to reduce the quotes of the pair will be the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the area of 0.6435. This will indicate a change in the downward trend in favor of the bullish trend. Expect an acceleration in the fall of NZD/USD quotes with a breakdown of the support area and closing below the level of 0.5925.
Technical Analysis NZD/USD September 12 — 16, 2022 suggests an attempt to develop a bullish correction to the level of 0.6155. Where should we expect a rebound and continuation of the fall of the pair with a potential target near the level of 0.5645. In favor of the decline will be a test of the upper boundary of the descending channel. Cancellation of the option of the fall of the currency pair will be a breakdown of the area of 0.6435. In this case, we should expect a continuation of the rise and a possible change in the current trend in favor of a bullish trend with a growth target at the level of 0.6685.