NZD/USD: Rising odds for a move below 0.6085 – UOB – by pabspiovano NZDUSD Currencies Crosses Banks
risks a drop below 0.6085 in the short-term horizon.24-hour view: “We expected NZD to edge lower yesterday but we were of the view that ‘any decline is likely part of a lower range of 0.6115/0.6165’. We added, ‘a sustained decline below 0.6115 is unlikely’. Our view was not wrong as NZD edged to a low of 0.6112 before closing at 0.6115 . Downward momentum has waned and this coupled with oversold conditions suggests NZD is likely to weaken much further.
Next 1-3 weeks: “We have held a slightly negative NZD view since early last week. In our latest narrative from three days ago , we indicated that ‘While downward momentum has not increased much, NZD is likely to trade with a downward bias’. We added, ‘It remains to be seen if there is enough momentum for NZD to drop to the major support at 0.6085’. NZD dropped to a low of 0.6112 yesterday and downward momentum has increased, albeit not much. The likelihood of NZD breaking below 0.
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