Westpac Forecasts for NZD/USD: key support level will not be broken

Westpac Forecasts for NZD/USD: key support level will not be broken

29 October 2015, 12:11
Sergey Golubev
0
775
NZD/USD

The pair is on bearish market condition for ranging within 0.6084 key support level and 0.6896 key resistance level. RSI indicator is estimating for the bearish trend to be continuing with the next bearish target as 0.60.

According to the forecast made by Westpac Banking Corporation, this 0.6084 key support level will not be broken in 2015 and 2016 as well - we may see the secondary ranging up to December next year for this pair, and some secondary bear market rally will be started in the second half of 2016 only.

Pairs
 Q4
Dec'15
Q1
Mar'16
 Q2
Jun'16
Q3
Sep'16
Q4
Dec'16
NZD/USD
0.640
0.6300.610 0.620 0.630
Thus, the general forecast for NZD/USD at 2016 year-end is the following: primary bearish market condition with the secondary ranging.
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