NZD/USD: Chance of breaking below 0.5940 – UOB Group

FXStreet Insights Team FXStreet

The New Zealand Dollar (NZD) could break below 0.5940; a sustained decline below this level is unlikely. In the longer run, weakness in NZD from early last month has ended; it is likely to trade in a 0.5940/0.6040 range for now, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann notes.

Likely to trade in a 0.5940/0.6040 range for now

24-HOUR VIEW: “We expected NZD to trade in a 0.5955/0.5995 range yesterday. Instead of trading in a range, NZD rose to 0.6016, closing at 0.6008 (+0.58%). The sudden sharp sell-off earlier today has resulted in a mixed outlook. That said, there is room for NZD to break the major support at 0.5940 but a clear break below this level is unlikely.”

1-3 WEEKS VIEW: “We revised our NZD outlook from negative to neutral two days ago (04 Nov, spot at 0.5985), indicating that ‘the weakness in NZD from early last month has ended.’ We also indicated that NZD ‘has likely entered a range trading phase and is expected to trade between 0.5940 and 0.6040 for now.’ There is no change in our view.”

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FXStreet Insights Team

FXStreet

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