- Analytics
- News and Tools
- Market News
- NZD/USD: Upside momentum loses traction – UOB
NZD/USD: Upside momentum loses traction – UOB
In the opinion of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, NZD/USD now looks poised to trade between 0.6100 and 0.6240 in the next weeks.
Key Quotes
24-hour view: “The sharp drop in NZD to a low of 0.6156 appears to be overdone. However, with no sign of stabilization just yet, NZD could dip below 0.6140. The major support at 0.6100 is unlikely to come under threat. On the upside, a break of 0.6210 (minor resistance is at 0.6190) would indicate that NZD is unlikely to weaken further.”
Next 1-3 weeks: “After reaching a high of 0.6289 last Thursday (24 Nov), NZD not only failed to hold on to its gains but also fell sharply by 1.38% yesterday (NY close of 0.6161). Upward momentum has fizzled out and NZD is likely to consolidate and trade between 0.6100 and 0.6240 for now.”
© 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
