Forecast of the currency pair NZD / USD
Published on 04.06.2020 11:59

Forecast of the currency pair NZD / USD

Today we will take a look at the NZD / USD currency pair. The price chart below shows that the pair has reached the technical support level at 0.6440. If you look at the daily chart, we will see that this level was formed back in March of this year. Given that the pair is strengthening without any visible corrections, the risk of resuming a downward movement (correction) has greatly increased.

Trading outlook:

The main scenario takes into account a fall for this currency pair from current highs. The closest technical support level is located at 0.6365. At the same time, the local target is the level of 0.6300 and further to 0.6220.

The alternative scenario takes into account a breakthrough and subsequent fixation above the level of 0.6440. But even in this case, buying activity remains in the zone of increased trading risk, since the next resistance level is located at 0.6485.

The above review is not a direct guide to action, but carries an exclusively recommendatory nature.


Andrew Masters

Analyst

The world of trading has no boundaries
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