NZD/USD: NEXT SUPPORT BELOW 0.6005 IS AT 0.5980 – UOB GROUP
There is still room for the New Zealand Dollar (NZD) to drop below 0.6000, UOB Group FX strategists Quek Ser Leang and Peter Chia note.
Set to drop towards 0.5980
24-HOUR VIEW: “Last Friday, when NZD was trading at 0.6045, we held the view that NZD ‘is likely to decline.’ We highlighted that ‘support levels are at 0.6030 and 0.6005.’ We also highlighted that ‘0.6005 is likely out of reach for now.’ Our view of NZD declining was correct. However, it dropped more than expected, almost reaching 0.6005 (low has been 0.6006). The rebound in early Asian trading today indicates slowing momentum. This, combined with oversold conditions, suggests that instead of continuing to weaken, NZD is more likely to trade in a sideways range of 0.6010/0.6045.”
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