Outlook seems unclear; New Zealand Greenback (NZD) might commerce in a variety between 0.5995 and 0.6045 towards US Greenback (USD). Within the longer run, worth motion signifies that additional NZD weak spot is probably going; the extent to observe is 0.5950, UOB Group’s FX analysts Quek Ser Leang and Peter Chia notice.
Value motion signifies that additional NZD weak spot is probably going
24-HOUR VIEW: “Our view for NZD to ‘commerce in a variety between 0.5980 and 0.6020’ yesterday was incorrect. As a substitute of vary buying and selling, NZD rose and closed at 0.6036 (+0.63%). Whereas NZD prolonged its beneficial properties after the shut, it then dropped again down sharply. The outlook immediately seems unclear, and NZD might commerce in a variety between 0.5995 and 0.6045.”
1-3 WEEKS VIEW: “We highlighted on Tuesday (08 Jul, spot at 0.6015) that the value motion from earlier this week ‘signifies that additional NZD weak spot is probably going, and the extent to observe is 0.5950.’ Yesterday, we identified that ‘whereas NZD has but to indicate important follow-through on the draw back, we’ll keep our view so long as 0.6060 (‘robust resistance’ degree) just isn’t breached.’ We proceed to carry the identical view.
