NZD/USD: Outlook appears negative in the short term – UOB – by pabspiovano NZDUSD Currencies Crosses Banks
remains negative, according to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: NZD traded in a range of 0.6046/0.6095 yesterday before closing slightly lower at 0.6052 . The price actions appear to be consolidative. Today, we expect NZD to trade between 0.6035/0.6085.
Next 1-3 weeks:We turned negative in NZD about a week ago. In our most recent narrative from Monday , we indicated that “the likelihood of NZD weakening further has decreased.” On Tuesday, NZD dropped to a low of 0.6035. Downward pressure has increased, albeit not much. We will continue to hold a negative NZD view for now, as long as it stays below 0.6100 . That said, it remains to be seen if there is enough momentum for NZD to break below 0.6020. Looking ahead, the next support is at 0.
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