The New Zealand dollar (NZD) could fall slightly and try 0.5985 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 monitored is 0.5950, says the FX analysts of UOB Group, to be Leang and Peter Chia.
The price action indicates that a greater weakness of the NZD is likely
24 -hour view: “We indicated last Friday that ‘the prospects for the NZD seem unclear’, and we expected that ‘it would quote in a range between 0.5995 and 0.6045.’ The NZD then quoted in a range of 0.6002 and 0.6043 in 0.6025;
View 1-3 weeks: “In our last narrative last Tuesday (July 8, for 0.6015), we indicate that ‘the action of the early this week indicates that a greater weakness of the NZD is likely, and the level to be monitored is 0.5950.’ Since then, the NZD has not been able to advance significantly down.
Source: Fx Street
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