NZD/USD: NZD is expected to weaken to 0.5770 – UOB Group
Downward momentum is beginning to build; NZD is expected to weaken to 0.5770, UOB Group’s FX analyst Quek Ser Leang and Lee Sue Ann note.
NZD is expected to weaken to 0.5770
24-HOUR VIEW: When NZD was at 0.5820 yesterday, we indicated that NZD ‘could drop further, but it does not appear to have enough momentum to reach 0.5770 for now.’ The subsequent did not quite turn out as we expected, as after dropping to 0.5797, NZD soared to 0.5865. It then pulled back to close at 0.5835. The outlook for NZD is mixed after the choppy price action. Overall, it could trade in a range of 0.5805/0.5860.”
1-3 WEEKS VIEW: “We revised our NZD view to negative yesterday (26 Nov, spot at 0.5820), indicating that ‘downward momentum is beginning to build, and NZD is expected to weaken to 0.5770.’ We will maintain the same view provided that 0.5875 (no change in ‘strong resistance’ level) is not breached.”
Reprinted from FXStreet，the copyright all reserved by the original author.
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.