NZD/USD: NEXT SUPPORT LEVEL IS AT 0.6005 – UOB GROUP
The New Zealand Dollar (NZD) is likely to decline. The next support level is at 0.6005. The latter level is likely out of reach for now, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
Above 0.6085 the NZD is set to turn to the upside
24-HOUR VIEW: “We expected NZD to trade between 0.6045 and 0.6100 yesterday. NZD then traded in a range of 0.6044/0.6086, closing on a soft note at 0.6045 (-0.61%). Given the buildup in momentum, NZD is likely to decline today. Support levels are at 0.6030 and 0.6005. The latter level is likely out of reach for now. To maintain the buildup in momentum, NZD must not break above 0.6065 with minor resistance at 0.6055.”
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