Currency pair New Zealand Dollar to US Dollar NZD/USD completes the trading week near the level of 0.6478. The pair is trading below the lower limit of the Ichimoku Kinko Hyo Cloud, indicating a bearish trend in the New Zealand Dollar pair. The current trading week is expected to test the signal lines of Ichimoku Kinko Hyo near the level of 0.6550, from where we can expect an attempt to rebound and further fall of the pair with a target near the level of 0.6270.
Analysis & forecast NZD/USD October 29 — November 2, 2018
An additional signal in favor of the pair falling is the test of the resistance area, as well as a rebound from the upper limit of the downward channel. Previously, a strong signal was received for the SELL of the New Zealand Dollar pair, due to the crossing of signal lines at 0.6585.
Canceling the option of falling quotes of the pair will be the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations above 0.6695, which will indicate a change in the downward trend in favor of a bullish trend. Expect to accelerate the fall of quotations NZD/USD stands with the breakdown of the support area and closing below 0.6395.
Analysis & forecast NZD/USD October 29 — November 2, 2018 suggests an attempt to develop a correction to the level of 0.6550, from which a rebound can be expected and the pair will continue to fall with a potential target near the level of 0.6270. the pair will break through the area of 0.6695, in this case, we should expect continued growth and a possible change in the downward trend.