- Analytics
- News and Tools
- Market News
- NZD/USD: Diminished odds for a drop to 0.6320 – UOB
NZD/USD: Diminished odds for a drop to 0.6320 – UOB
FXStreet reports that a deeper pullback to the 0.6320 region looks increasingly unlikely in the near-term, in opinion of FX Strategists at UOB Group.
24-hour view: “Our expectation for NZD ‘to test the 0.6400 support’ did not materialize as it traded in a quiet manner and within a narrow range of 0.6430/0.6474. The underlying tone still appears to be on the soft side and we continue to see chance for NZD to test 0.6400 (minor support at 0.6420). For today, a sustained drop below 0.6400 would come as a surprise. Resistance is at 0.6465 followed by 0.6485.”
Next 1-3 weeks: “Our view from last Friday (12 Jun, spot at 0.6420) was that ‘the near-term bias for NZD is on the downside but any weakness is likely limited to 0.6320 for now’. NZD dropped to 0.6381 yesterday (15 Jun) before staging a sudden and strong surge. While our 0.6510 ‘strong resistance’ level is still intact, downward pressure has been dented and the odds for NZD to move to 0.6320 have diminished considerably. From here, a break of 0.6510 would indicate that NZD could spend some time trading sideways, To look at it another way, it is premature to expect a resumption of the recent strong advance in NZD.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
