- Analytics
- News and Tools
- Market News
- NZD/USD: Scope for extra losses – UOB
NZD/USD: Scope for extra losses – UOB
NZD/USD could debilitate further and slip back to the 0.5900 region in the next weeks, note FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.
Key Quotes
24-hour view: “Our view for NZD to ‘trade sideways between 0.5960 and 0.6015’ was incorrect as it dropped to a low of 0.5929 before rebounding. Despite the decline, downward momentum has not improved by much and NZD is unlikely to weaken further. For today, NZD is more likely to trade sideways within a range of 0.5935/0.5990.”
Next 1-3 weeks: “We have expected NZD to weaken since the middle of last Wednesday (14 Sep, spot at 0.6005). In our latest narrative from last Friday (16 Sep, spot at 0.5965), we highlighted that NZD is likely to weaken further, possibly to 0.5900. Yesterday (19 Sep), NZD dropped to a low of 0.5929. While downward momentum has not improved by much, there is room for NZD to weaken further to 0.5900. Only a breach of 0.6020 (‘strong resistance’ level was at 0.6035 yesterday) would indicate that the weakness in NZD has stabilized.”
© 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
