- Analytics
- News and Tools
- Market News
- NZD/USD: Shrinking bets for extra retracements – UOB
NZD/USD: Shrinking bets for extra retracements – UOB
In the view of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, further downside in NZD/USD appears unlikely in the short-term horizon.
Key Quotes
24-hour view: We highlighted yesterday that “The price actions in NZD appear to be part of a consolidation phase”, and we expected it to trade in a range between 0.6075/0.6130. While our view of consolidation was correct, NZD traded in a narrower range than expected (0.6087/0.6115). The quiet price actions continue to suggest that NZD is likely to consolidate for now, probably in a range of 0.6080/0.6125.
Next 1-3 weeks: NZD traded in a quiet manner and our update from yesterday (07 Aug, spot at 0.6105) still stands. As highlighted, the likelihood of NZD weakening further has decreased. However, only a breach of 0.6145 (no change in ‘strong resistance’ level) would mean that NZD is not weakening 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
