NZD/USD risks a drop to 0.6125 – UOB – by pabspiovano NZDUSD Currencies Crosses Banks
In the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, further selling pressure could drag24-hour view: Our view for NZD to weaken further yesterday was incorrect. Instead of weakening, NZD rebounded to a high of 0.6215. We view the current movements as part of a consolidation phase. Today, we expect NZD to trade in a range between 0.6165 and 0.6230.
Next 1-3 weeks: We highlighted yesterday that improved downward momentum is likely to lead to NZD weakness to 0.6125. We continue to hold the same view, even though NZD could consolidate for a couple of days before heading lower. Overall, only a breach of 0.6255 would suggest the current downward pressure has eased. Information on these pages contains forward-looking statements that involve risks and uncertainties.
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