An additional signal in favor of a decline in the NZD/USD currency pair on Forex will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of this scenario will be a rebound from the upper boundary of the downward channel. Cancellation of the option to reduce the New Zealand dollar quotes on Forex will be a strong growth and a breakdown of the level of 0.5935. This will indicate a breakdown of the resistance area and the upper boundary of the bearish channel. In this case, the pair will continue to develop growth in the area above the level of 0.6205. Expect confirmation of the fall of the NZD/USD currency pair with a breakdown of the support area and the closing of quotes below the level of 0.5765, indicating a breakdown of the lower boundary of the bearish channel.
The NZD/USD forecast for October 24, 2023, suggests an attempt to test the resistance area near the level of 0.5875. Where can we expect quotes to continue falling to the area below 0.5735? A test of the trend line on the relative strength index (RSI) is an additional signal in favor of a decline. The cancellation of the option for the fall of the NZD/USD pair will result in a strong rise in price and a breakdown of the level of 0.5935. In this case, we expect the pair to continue to rise, with a potential target above 0.6205.
The NZD/USD forecast for October 24, 2023, suggests an attempt to test the resistance area near the level of 0.5875. Where can we expect quotes to continue falling to the area below 0.5735? A test of the trend line on the relative strength index (RSI) is an additional signal in favor of a decline. The cancellation of the option for the fall of the NZD/USD pair will result in a strong rise in price and a breakdown of the level of 0.5935. In this case, we expect the pair to continue to rise, with a potential target above 0.6205.
