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- NZD / USD still fall to 0.6590 in coming weeks – UOB
NZD / USD still fall to 0.6590 in coming weeks – UOB
"In yesterday's update, we cited that 'it is too early to conclude that the recent decline in NZD has come to an end... rallies are limited to 0.6650'. On Mon, NZD only touched a high of 0.6653 before paring gains to close at 0.6630. Indicators suggest that NZD is not prepared for a big move either ways, so a sideways pattern looks more likely for today. Expect 0.6610 - 0.6655 range. As for тext 1-3 weeks, as highlighted, NZD has found a short-term top and the current pullback could test 0.6590. Looking ahead, if NZD were to breach 0.6590, the pullback could extend to 0.6555. On the upside, only a move above 0.6690 ('strong resistance' level previously at 0.6730) would suggest the current downward pressure has eased," FX Strategists at UOB Group said
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