- Analytics
- News and Tools
- Market News
- NZD/USD: Further decline remains on the cards – UOB
NZD/USD: Further decline remains on the cards – UOB
In the opinion of Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group, further retracement lies ahead for NZD/USD in the short-term horizon.
Key Quotes
24-hour view: “Yesterday, we highlighted that NZD ‘is likely to weaken further but a drop below 0.6260 is unlikely.’ Our view was correct as NZD dipped to 0.6271 before rebounding to close at 0.6305 (-0.36%). Downward pressure has eased and NZD appears to have moved into a consolidation phase and it is likely to trade between 0.6280 and 0.6340 today.”
Next 1-3 weeks: “There is no change in our view from yesterday (06 Feb, spot at 0.6315) where the risk for NZD has shifted the risk to the downside to 0.6260. Further decline is possible but at this stage, the chance of a break of 0.6195 is not high. Overall, only a breach of 0.6425 (no change in ‘strong resistance’ level from yesterday) would indicate that the downside risk has faded.”
© 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
