NZD/USD: The pair to trade within 0.6100/0.6140 range – UOB Group
|The New Zealand Dollar (NZD) is likely to trade in a sideways range of 0.6100/0.6140 or drift lower towards 0.6085, UOB Group analysts note.
NZD to drift lower towards 0.6085
24-HOUR VIEW: “We highlighted yesterday that NZD ‘is expected to drift lower.’ We added, ‘0.6085 is likely out of reach.’ Our view did not materialise as NZD traded in a range of 0.6105/0.6140, closing largely unchanged at 0.6124 (+0.08%). There has been no increase in either downward or upward momentum. In other words, NZD is likely to trade sideways today, probably between 0.6100 and 0.6140.”
1-3 WEEKS VIEW: “Our most recent narrative was from last Tuesday (18 Jun, spot at 0.6130), wherein ‘as long as NZD remains below 0.6180, it could drift lower towards the support at 0.6085.’ While we continue to expect NZD to drift lower towards 0.6085, the ‘strong resistance’ level has moved lower to 0.6160 from 0.6180.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.