NZD/USD: Outlook for NZD remains negative – UOB Group
New Zealand Dollar (NZD) is likely to consolidate between 0.5765 and 0.5790. In the longer run, the outlook for NZD remains negative; the next level to watch is 0.5730, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
The next level to watch is 0.5730
24-HOUR VIEW: "Yesterday, we stated that NZD 'appears to have entered a consolidation phase,' and we expected it to 'trade between 0.5760 and 0.5790.' NZD then traded in a range of 0.5772/0.5796, closing largely unchanged at 0.5780 (+0.06%). The price action still appears to be part of a consolidation phase. Today, we expect NZD to trade between 0.5765 and 0.5790."
1-3 WEEKS VIEW: "We have held a negative stance on NZD since 19 Sep, when it was at 0.5890. In our most recent narrative from last Friday (26 Sep, spot at 0.5765), we highlighted that 'the outlook for NZD remains negative, and the next level to watch is 0.5730.' NZD subsequently consolidated, but while downward momentum is starting to slow, only a breach of 0.5815 (‘strong resistance’ level previously at 0.5830) would negate the current negative outlook."
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FXStreet Insights Team
FXStreet
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