The New Zealand Dollar (NZD) is expected to trade with an upward bias.
The New Zealand Dollar is expected to trade with an upward bias. It remains to be seen if it can breach the strong resistance level at 0.6105, because downward momentum has slowed further, UOB Group analysts note. A breach of 0.6105 to turn NZD positive 24-HOUR VIEW: “Yesterday, we held the view that NZD ‘could pullback further, but any decline is unlikely to reach the major support at 0.6040.’ We indicated that ‘resistance levels are at 0.6085 and 0.6105.
Today, we expect NZD to trade with an upward bias, but it remains to be seen if it can breach the strong resistance level at 0.6105. Support levels are at 0.6065 and 0.6050.” 1-3 WEEKS VIEW: “We have expected NZD to weaken since the middle of last month. In our latest narrative from Monday , we indicated that ‘while there is still room for NZD to continue to weaken, the slowdown in momentum suggests 0.6040 could be out of reach this time.’ Yesterday, NZD dipped to 0.
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