Oversold decline could extend to 0.5985 before stabilisation can be expected. In the longer run, potential for further declines could be limited; the levels to watch are 0.5985 and 0.5970, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann notes.
Oversold decline can extend to 0.5985
24-HOUR VIEW: “Our view for NZD to trade in a range yesterday was incorrect. Instead of trading in a range, it fell sharply to 0.5993. Although oversold, the decline could extend to 0.5985 before stabilisation can be expected. Today, a sustained break below this level seems unlikely. Resistance is at 0.6020; a breach of 0.6040 would mean that the weakness in NZD has stabilised.”
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.
Hot
No comment on record. Start new comment.