NZD/USD: Likely to edge lower and test 0.5740 – UOB Group
|New Zealand Dollar (NZD) could edge lower and test 0.5740; the major support at 0.5720 is unlikely to come into view for now. In the longer run, pullback in NZD has scope to extend, but any further decline is expected to face strong support at 0.5720, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Pullback in NZD has scope to extend
24-HOUR VIEW: "While NZD traded in a relatively quiet manner between 0.5752 and 0.5778 last Friday, downward momentum appears to have increased, albeit slightly. Today, NZD could edge lower and test 0.5740. The major support at 0.5720 is unlikely to come into view for now. On the upside, resistance levels are at 0.5770 and 0.5780."
1-3 WEEKS VIEW: "NZD rose to 0.5831 in the middle of last month before easing. While it subsequently rose to a fresh high of 0.5853, it pulled back sharply from the high. The pullback has scope to extend but any further decline is expected to face strong support at 0.5720. To sustain the downward momentum, NZD must hold below the ‘strong resistance’ at 0.5800."
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.