NZD/USD forecast for November 30, 2020
Looking at the chart for NZD/USD pair on the weekly time frame, we see that the bullish initiative from mid-March 2020 after a drastic drop to 0.54700 to today’s 0.70300.
When we set the Fibonacci levels to the top and bottom range, we can notice that the pair bounced in certain places. The first Fibonacci tells us that the high resistance was at the level of 50.0% 0.75500 and the moving average MA200, which served as the resistance line after the fall.
The second Fibonacci setting below tells us with the help of moving averages MA50 and MA100 that we now have 50.0% level support and strong bullish momentum.
Pulling one large Fibonacci from the top of the chart to the bottom, we see that we are again approaching the Fibonacci level of 50.0%, which can be a potential resistance to 0.71000-0.71500. If that level is broken, we can expect that the pair will reach around 0.75000 again.
We see that the New Zealand dollar is advancing uncontrollably towards higher levels on the daily time frame. When we connect the tops with one trend line, we see that the pair broke that resistance and continued upwards.
As in the weekly time frame, we come to Fibonacci levels 50.0% 0.71000-0.71500. Now the zone below about 0.69000 represents support for less consolidation if it occurs. The continuation of the bullish scenario is more likely.
We see that since the beginning of November, the NZD has dominated steadily, getting stronger without any major pullback on the four-hour time frame.
At the beginning of November, we see that the NZD/USD pair supports all three moving averages MA50, MA100, and MA200.
Throughout the month, the dollar has been under pressure, the first elections in America, a record number of people infected with coronavirus, vaccines, and their imminent application. All this pushes investors from the dollar because the risk has fallen, and they have redirected their investments to other currencies.
This week will be full of important economic news because it is the beginning of the month. There is nothing from the news about the New Zealand dollar, maybe some potentially a political statement, but this week is very important for the American dollar. The power of this news can bring more volatility to this pair.
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