NZD/USD faces a tough support at 0.6100 – UOB – by pabspiovano NZDUSD Currencies Crosses Banks
to challenge the solid support at the 0.6100 region in the next few weeks, note UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: “We expected NZD to weaken further yesterday but we noted, ‘oversold conditions suggest the major support at 0.6100 is unlikely to come under threat today’. We added, ‘There is another support at 0.6135’. NZD dropped to a low of 0.6132 before rebounding.
Next 1-3 weeks: “Our update from yesterday still stands. As highlighted, while NZD is still weak, it remains to be seen if NZD has enough momentum to break below the next major support at 0.6100. All in all, only a breach of the ‘strong resistance’ at 0.6225 would indicate that the NZD weakness that started in the middle of the month has come to an end.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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