NZD/USD: Bulls set to test 0.6080

The New Zealand Dollar (NZD) strength from early this month has ended; it is likely to trade between 0.5935 and 0.6080 for the time being, UOB Group Quek Ser Leang and Lee Sue Ann note.

NZD may try to breach the 0.6080 resistance

24-HOUR VIEW: “NZD plummeted two days ago. Yesterday, we indicated that ‘while oversold, there is room for NZD to decline to 0.5975 before stabilisation is likely.’ We added, ‘the next support at 0.5935 is not expected to come into view.’ NZD then dropped to 0.5975, closing at 0.5985 (- 0.19%). While the weakness has not quite stabilised, slowing momentum suggests NZD is unlikely to weaken much further. Today, we expect NZD to trade in a range, likely between 0.5975 and 0.6015.”

1-3 WEEKS VIEW: “Our update from yesterday (15 Aug, spot at 0.6000) still stands. As indicated, the NZD strength from early this month has ended. For the time being, NZD is likely to trade in a range, probably between 0.5935 and 0.6080.”

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