Currency pair New Zealand Dollar to US Dollar NZD/USD completes the trading week near the level of 0.5954. 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 area of the signal lines of the Ichimoku Kinko Hyo indicator near the level of 0.6025. Where should we expect an attempt to rebound the pair down and further fall of the pair with a target near the level of 0.5665.
Technical Analysis NZD/USD September 4 — 8, 2023
An additional signal in favor of a decrease 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 upper border of the bearish channel. Earlier, a weak signal was received for selling the New Zealand Dollar/US Dollar pair. The signal was formed due to the crossing of the signal lines at the level of 0.6205.
Cancellation of the option of falling quotes of the pair will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the area of 0.6245. This will indicate a change in the bearish trend in favor of the 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 0.5805, which will indicate a breakdown of the lower border of the bearish channel, and this is a signal to sell to the width of the channel.
Technical Analysis NZD/USD September 4 — 8, 2023 suggests an attempt to develop a correction to the level of 0.6025. Where should we expect a rebound and continuation of the fall of the pair with a potential target near the level of 0.5665. In favor of the decline, there will be a rebound from the lower border of the bullish correction channel. Cancellation of the option of the fall of the currency pair will be a breakdown of the area of 0.6245. 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 0.6485.
