- Analytics
- News and Tools
- Market News
- NZD/USD could weaken to 0.6530 – UOB
NZD/USD could weaken to 0.6530 – UOB
FX Strategists at UOB Group Quek Ser Leang and Lee Sue Ann noted NZD/USD risks a probable drop to the 0.6530 region in the next weeks.
Key Quotes
24-hour view: “We highlighted last Friday that NZD could ‘weaken further to 0.6700, possibly 0.6675’. We clearly underestimated the downward momentum as NZD plunged to a low of 0.6627 before extending its decline during Asian hours. From here, NZD could drop below 0.6590. The next support at 0.6530 is unlikely to come under threat. Resistance is at 0.6640 followed by 0.6675.”
Next 1-3 weeks: “Last Friday (22 Apr, spot at 0.6725), we highlighted that downward pressure is building again and that NZD could decline to 0.6675. While our view for NZD to weaken turned out to be correct, we did not expect the rapid manner by which NZD plunged to 0.6627. Downward momentum has improved considerably and NZD could weaken further to 0.6590. A break of this support would shift the focus to the yearto-date low near 0.6530. On the upside, a breach of 0.6715 (‘strong resistance’ level) would indicate that NZD is unlikely to weaken further.”
© 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
