New Zealand Dollar (NZD) could decline further vs US Dollar (USD), but it does seem to have enough momentum to break and remain below 0.5680. In the longer run, if NZD breaks and remains below 0.5680, it could trigger a decline to 0.5645, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
NZD can decline towards 0.5645
24-HOUR VIEW: "Our view for NZD to 'trade in a range of 0.5715/0.5755 range' yesterday was incorrect. Instead of trading in a range, NZD fell to 0.5689. Today, NZD could decline further, but it does not seem to have enough momentum to break and remain below 0.5680. The major support at 0.5645 is highly unlikely to come into view. On the upside, resistance levels are at 0.5715 and 0.5735."
1-3 WEEKS VIEW: "We highlighted two days ago (25 Feb, spot at 0.5735) that 'the current price movements are part of a 0.5680/0.5780 range.' Yesterday, NZD fell to a low of 0.5689, closing at 0.5697, lower by 0.39%. Downward momentum is beginning to build, and if NZD breaks and remains below 0.5680, it could trigger a decline to 0.5645. To sustain the buildup in momentum, NZD must not break above 0.5755."
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