Annual Forecast for NZD/USD (2021): Kiwi Is Likely To Be Stronger Because of a High Interest Rate

Annual Forecast for NZD/USD (2021): Kiwi Is Likely To Be Stronger Because of a High Interest Rate

Key Resistance Levels: 0.7000, 0.7200, 0.7400
Key Support Levels: 0.6200, 0.6000, 0.5800

In January 2020, NZD/USD has an opening balance of 0.6733. However, the Kiwi has a breakdown in the first quarter of the year as price dropped to 0.5469. Immediately, the bulls buy the dips as the market resumed an upward move. In other words, the uptrend commenced in April and has continued to December. NZD/USD is trading at level 0.7111 at the time of writing.

NZD/USD – Monthly Chart

NZD/USD Price Prediction: Monthly Chart
A bullish trend line is drawn showing the support levels of the market. The current uptrend is presumed to be ongoing if the trend line remains unbroken. However, if the price breaks and closes below the trend line, it is assumed the current trend is terminated.

NZD/USD – Weekly Chart

NZD/USD Price Prediction: Weekly Chart
On this chart, the market is in a smooth uptrend. While in the upward move, the pair rebounded to break levels o.6400 and 0.6600 resistance levels to push on the upside. The current upward move is approaching a resistance zone.

Conclusion
The Kiwi is presently approaching the 2017 high of 0.7558. There is possibly a further upward move as the RSI is at level 60 which creates more room to rally. The New Zealand dollar is strong, because of its high-interest rates which makes it more profitable to invest, thereby lifting demand for your currency


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Author : Azeez Mustapha

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.