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.”
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.