- Analytics
- News and Tools
- Market News
- NZD/USD: Sustained break below 0.5570 seems unlikely – UOB Group
NZD/USD: Sustained break below 0.5570 seems unlikely – UOB Group
Scope for the New Zealand (NZD) to test the 0.5570 level; a sustained break below this level seems unlikely. In the longer run, risk for NZD is beginning to shift to the downside, but it must break clearly below 0.5570, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
NZD is beginning to shift to the downside
24-HOUR VIEW: “While we expected NZD to ‘continue to weaken’ yesterday, we pointed out that ‘oversold conditions suggest any decline is unlikely to break clearly below 0.5570.’ Our view was validated, as NZD dropped to a low of 0.5572, rebounding to close at 0.5600 (-0.14%). While downward momentum has slowed somewhat, there is scope for NZD to test the 0.5570 level. A sustained break below this level seems unlikely. Resistance is at 0.5610; a breach of 0.5625 would mean that the current downward pressure has faded.”
1-3 WEEKS VIEW: “We noted yesterday (09 Jan, spot at 0.5605) that ‘the risk for NZD is beginning to shift to the downside.’ However, we pointed out that it ‘must break clearly below 0.5570.’ NZD subsequently dropped to 0.5572 before rebounding. We continue to hold the same view as long as 0.5645 (‘strong resistance’ level was at 0.5660 yesterday) is not breached.
© 2000-2025. 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
