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Reading: NZD/USD Price Forecast: Anticipated Drop to Around 0.6050 Inside Descending Channel
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Gulf Press > Business > Forex > NZD/USD Price Forecast: Anticipated Drop to Around 0.6050 Inside Descending Channel
Forex

NZD/USD Price Forecast: Anticipated Drop to Around 0.6050 Inside Descending Channel

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Last updated: 2024/10/17 at 8:09 AM
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The New Zealand Dollar/US Dollar (NZD/USD) pair has been on a downward trajectory for the fourth consecutive day, trading around the 0.6050 level during the European trading session on Thursday. The pair seems to be staying within a descending channel pattern, indicating a continuation of the bearish trend. The 14-day Relative Strength Index (RSI) is approaching the 30 level, suggesting that the pair may be oversold. A break below this level could lead to a short-term upward correction. Additionally, the nine-day Exponential Moving Average (EMA) remains below the 50-day EMA, indicating weakness in the short-term price trend for the pair.

If the NZD/USD pair manages to re-enter the descending channel, it may find support around the lower boundary at the 0.5880 level, with further support near the 0.5850 level. On the upside, immediate resistance is seen at the nine-day EMA around the 0.6102 level, followed by the 50-day EMA at 0.6153. A break above these levels could shift the outlook to bullish, potentially allowing the pair to target the 16-month high of 0.6379 last reached on September 30.

In terms of currency performance today, the New Zealand Dollar saw the biggest decline against the Australian Dollar. The table below shows the percentage change of the NZD against other major currencies, with the NZD weakening against most of them. The heat map illustrates the percentage changes of major currencies against each other, showing how the NZD fared against different currencies.

Overall, the NZD/USD pair is currently in a bearish trend, with the possibility of a short-term upward correction if the 14-day RSI drops below the oversold territory of 30. Support levels are seen at 0.5880 and 0.5850, while resistance levels are at the nine-day EMA and 50-day EMA. Traders should keep an eye on the RSI levels for potential shifts in the trend direction, as well as monitor key support and resistance levels for possible entry and exit points.

In conclusion, the NZD/USD pair continues to exhibit bearish tendencies within the descending channel pattern on the daily chart. The RSI approaching the oversold level signals the potential for a short-term upward correction, with support levels at 0.5880 and 0.5850 and resistance levels at the nine-day EMA and 50-day EMA. Traders should remain vigilant for any signs of reversal in trend direction and adjust their strategies accordingly to capitalize on potential opportunities in the market.

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News Room October 17, 2024
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