Provided that New Zealand Dollar (NZD) remains below 0.6185, there is a chance for it to test 0.6115. A sustained break below this level appears unlikely. In the longer run, A break of 0.6115 could lead to a deeper pullback towards 0.6085, UOB Group FX analysts Quek Ser Leang and Peter Chia note.
A deeper pullback towards 0.6085 is possible
24-HOUR VIEW: “We expected NZD to break 0.6115 yesterday. Our expectation did not materialise, as NZD traded in a 0.6129/0.6164 range, closing largely unchanged (0.6150, 0.08%). Despite the relatively quiet price action, the underlying tone appears soft. Today, provided that NZD remains below 0.6185, there is a chance for NZD to test 0.6115 before a recovery can be expected. A sustained break below this level seems unlikely for now.”
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