The New Zealand dollar (NZD) could try 0.5950 against the US dollar (USD); A sustained rupture below this level is unlikely. In the long term, the price action indicates that a greater weakness of the NZD is likely; The level to be observed is 0.5950, the FX analysts of UOB Group, to be Leang and Peter Chia point out.
The price action indicates that a greater weakness of the NZD is likely
24 -hour vision: “The following are extracts from our update yesterday: ‘The NZD can lower slightly and try the support in 0.5985. A sustained breakdown below this level is unlikely. The main support in 0.5950 is also unlikely to be threatened. The resistance is at 0.6025; a rupture of 0.604 would indicate that the current low pressure has low decreased. ‘ Subsequently, the NZD rose to a maximum of 0.6014 and then, in a surprising movement, it fell sharply to a minimum of 0.5969. threatened.
Vision at 1-3 weeks: “Our most recent narrative was a week ago (July 8, for 0.6015), where ‘the price action indicates that a greater weakness of the NZD is likely, and the level to be observed is 0.5950.’ After operating in rank for several days, the NZD fell sharply to a minimum of 0.5969 yesterday.
Source: Fx Street
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