NZD/USD bearish on a close below 0.7180 – UOB
|Strategists at UOB Group expect NZD/USD to extend its downside momentum on a daily close below 0.7180.
Key Quotes
“The 0.7230 support was not as strong as expected as NZD broke below this level and tested the next support at 0.7180 (low of 0.7178). Despite the rebound from the low, the undertone is still weak and a clear break of 0.7175/80 could lead to further weakness to 0.7150. Resistance is at 0.7255 followed by 0.7300”.
“While we expected the corrective pull-back in NZD to extend lower, the decline has been more impulsive than expected. From here, a daily closing below 0.7180 would indicate that NZD has started on a bearish phase (targeting a move to 0.7110). Overall, NZD is expected to stay under pressure unless it can reclaim 0.7300 within these few days”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.