NZD/USD: SET TO BREAK ABOVE 0.6090 – UOB GROUP
The New Zealand Dollar (NZD) is likely to trade in a range between 0.6030 and 0.6090. Buildup in downward momentum is not sufficiently enough to suggest a sustained decline; NZD has to break clearly below 0.6030 before further weakness can be expected, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
NZD needs to break above 0.6115 to continue upwards
24-HOUR VIEW: “Yesterday, we noted ‘the underlying tone has softened.’ We were of the view that NZD ‘is likely to edge lower but is unlikely to break below 0.6045.’ However, NZD fell more than expected to 0.6037. In early Sydney trade, NZD dipped to 0.6033 before rebounding sharply. The rebound in oversold conditions suggests NZD is unlikely to weaken much further. Today, NZD is more likely to trade in a range between 0.6030 and 0.6090.”
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.