NZD/USD: Focus now shifts to 0.5995 – UOB – by pabspiovano NZDUSD Currencies Crosses Banks
could weaken to the sub-0.6000 region in the short-term horizon.24-hour view: “We highlighted yesterday that while NZD could dip below Friday’s low of 0.6034, a clear break of 0.6025 is unlikely. We added, any weakness is part of a lower range of 0.6025/0.6085”. Our expectation for NZD to dip below 0.6034 did not materialize as it traded in a range of 0.6046/0.6070. The underlying tone has softened and today, a break of 0.6034 will not be surprising.
Next 1-3 weeks: “Our latest narrative from last Friday still stands. As highlighted, NZD could weaken further, albeit likely at a slower pace and the next level to watch is 0.5995. On the upside, a breach of 0.15 indicates the weakness in NZD that started in the middle of last week has stabilized.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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