NZD/USD faces extra downside below 0.6195 – UOB – by pabspiovano NZDUSD Currencies Crosses Banks
In the opinion of Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group,24-hour view: “We highlighted yesterday that NZD ‘has likely moved into a consolidation phase’ and we expected it to trade between 0.6210 and 0.6260. NZD subsequently traded within a range of 0.6223/0.6263. The underlying tone has firmed somewhat and NZD is likely to edge higher to 0.6275 before the risk of pullback increases. The strong resistance at 0.6300 is unlikely to come under threat.
Next 1-3 weeks: “Our update from yesterday still stands. As highlighted, NZD has to break below 0.6195 within these 1-2 days or the chance for further weakness will diminish quickly. Conversely, a break of 0.6300 would indicate that the decline in NZD that started late last week has made a bottom at 0.6195.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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