The New Zealand dollar (NZD) could remain volatile against the US dollar (USD), but it is likely to remain within yesterday’s range of 0.5914/0.5969. In the long term, the weakness of the NZD is maintained, but it remains to be seen if it has enough impulse to reach the minimum of June, about 0.5885, the FX analysts of UOB Group point out, to be Leang and Peter Chia.
The weakness of the NZD is maintained
24 -hour vision: “Two days ago, we expected the NZD to test the support at 0.5950. After the NZD fell to a minimum of 0.5939 and bouncing, we affirmed yesterday that ‘the rebound in overers 0.5935/0.5975. ‘ Our vision of consolidation turned out to be incorrect, since the NZD fell to a minimum of 0.5914, rose to 0.5969 before falling again and closing a large extent without changes (0.5946, +0.02%). 0.5914/0.5969. “
Vision 1-3 weeks: “Yesterday (July 16, quote at 0.5955), we highlight that ‘although we are still waiting for the NZD to weaken, it can be consolidated first before heading towards 0.5920.’ We did not expect the NZD to reach 0.5920 so soon, since it fell briefly to a minimum of 0.5914. NZD is not weakening anymore. “
Source: Fx Street
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