- Analytics
- News and Tools
- Market News
- NZD/USD could drop to the 0.6050 region – UOB
NZD/USD could drop to the 0.6050 region – UOB
Extra decline in NZD/USD could revisit the 0.6050 area in the next weeks, according to FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.
Key Quotes
24-hour view: “Yesterday, NZD dropped sharply to 0.6098 during London hours before trading sideways. Downward momentum remains strong and the weakness in NZD could extend to 0.6080 first before stabilization is likely. The next support at 0.6050 is unlikely to come under threat. Resistance is at 0.6135 followed by 0.6160.”
Next 1-3 weeks: “We have held a negative NZD view since late last month. In our latest narrative from last Friday (08 Jul, spot at 0.6180), we indicated that downward momentum has waned and the odds for NZD to weaken to 0.6100 have diminished. We did not quite expect the sharp drop yesterday (11 Jul) as NZD plummeted to a low of 0.6098. The price actions suggest the weak phase is still intact and NZD could weaken further to 0.6050. On the upside, a break of 0.6190 (‘strong resistance’ level previously at 0.6230) 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
