The New Zealand dollar (NZD) is expected to continue operating in a range, probably between 0.5710 and 0.5755. In the long term, the NZD is likely to move down towards the main support zone of 0.5650/0.5670, the FX analysts of UOB Group, quek being Leang and Peter Chia point out.
Opportunity for the NZD to move down towards the area of ​​0.5650/0.5670
24 -hour vision: “While we expected ‘an additional range’ trade ‘yesterday, we indicated that’ the underlying softened tone suggests that the NZD will probably operate in a lower range of 0.5700/0.5750. ‘ The NZD then operated between 0.5715 and 0.5755, closing at 0.5739 (+0.17%).
Vision at 1-3 weeks: “We continue to maintain the same opinion as Wednesday (March 26, Spot in 0.5730). As highlighted, the NZD ‘probably moves down towards the main support area between 0.5650 and 0.5670.’ Although the probability that the NZD breaks this support zone is not high, the downward trend will remain intact whenever the NZD remains below 0.5770 (without changes in the level of ‘strong resistance’). “
Source: Fx Street
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