NZD/USD: The levels to watch are 0.6135 and 0.6105 – UOB Group
Price action continues to suggest further New Zealand Dollar (NZD) weakness, albeit likely at a slower pace. The levels to watch are 0.6135 and 0.6105, UOB Group FX analysts Quek Ser Leang and Peter Chia note.
NZD may fall towards 0.6135
24-HOUR VIEW: “While our expectation for NZD to ‘continue to weaken’ last Friday was correct, our view that it ‘is unlikely to break below the significant support at 0.6170’ was not. NZD easily broke below 0.6170, reaching a low of 0.6146. Conditions are severely oversold, and instead of continuing to weaken today, NZD is more likely to trade in a 0.6145/0.6205 range.”
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