NZD/USD expected to keep the side-lined theme – UOB
|NZD/USD is still seen navigating a broad consolidative pattern, suggested FX Strategists at UOB Group.
Key Quotes
24-hour view: “NZD traded between 0.5851 and 0.5961 yesterday, wider than our expected range of 0.5850/0.5940 range before ending the day on a strong note at 0.5927 (+1.07%). Upward momentum has picked up and this could lead NZD moving higher towards 0.5985. For today, a rise beyond 0.6020 is not expected. Support is at 0.5910 followed by 0.5870.”
Next 1-3 weeks: “While our ‘strong support’ level of 0.5880 ‘survived’ for the second straight day (overnight low of 0.5881), the price action is enough to indicate that last Friday’s (27 Mar) high of 0.6067 is a short-term top. From here, the immediate risk is tilted to the downside but any weakness is viewed as part of a 0.5820/0.6020 range (a sustained decline below 0.5820 appears unlikely for now). In other words, NZD is likely to trade within a broad range a period.”
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.