- Analytics
- News and Tools
- Market News
- NZD/USD: Bears to test 0.5975 before stabilisation is likely – UOB Group
NZD/USD: Bears to test 0.5975 before stabilisation is likely – UOB Group
Room for the New Zealand Dollar (NZD) to decline to 0.5975 before stabilisation is likely. And, overall, it is likely to trade between 0.5935 and 0.6080 for the time being, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
NZD may fall towards 0.5975
24-HOUR VIEW: “Our view for NZD to strengthen further yesterday was incorrect, as it plunged to a low of 0.5995, closing sharply lower by 1.33% (0.5996). While oversold, there is room for NZD to decline to 0.5975 before stabilisation is likely. The next support at 0.5935 is not expected to come into view. On the upside, any recovery is likely to remain below 0.6040, with minor resistance at 0.6020.”
1-3 WEEKS VIEW: “We turned positive in NZD early this month (as annotated in the chart below). As we tracked the advance, in our update yesterday (14 Aug, spot at 0.6070), we expected further NZD strength, but we pointed out that there is a significant resistance level at 0.6120. NZD subsequently rose to 0.6084 and then sold off sharply to break below our ‘strong support’ level at 0.6005. The price action indicates that the NZD strength has come to an end. For the time being, NZD is likely to trade in a range, probably between 0.5935 and 0.6080.”
© 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
