The strong fall seems exaggerated, but the New Zealand dollar (NZD) could decline at 0.5920 against the US dollar (USD) before stabilization occurs. In the long term, the price action suggests that the NZD is still merchant in the range, probably between 0.5890 and 0.6030, the FX analysts of UOB Group point out, to be Leang and Peter Chia.
The price action suggests that the NZD is still trading in rank
24 -hour vision: “When the NZD was at 0.6010 in the early Asian trade of yesterday, we believed that ‘could break over 0.6030.’ We emphasize that ‘it might not be able to maintain a position above this level, and the next resistance at 0.6060 is probably out of reach.’ However, the NZD rose less than expected to 0.6023 and then collapsed to 0.5936. 0.5985. “
Vision 1-3 weeks: “Tuesday (May 6, Spot at 0.5955), we consider that the NZD ‘will probably be traded in a range of 0.5890/0.6005 for the moment.’ Yesterday, Wednesday, when the NZD was at 0.6010, we indicated that the increase in impulse could lead to the NZD ‘to trade with an upward inclination towards 0.6030, with the possibility of extending even more to 0.6060.’ We do not anticipate the strong reversal, since the NZD fell and broke below our level of ‘strong support’ in 0.5950.
Source: Fx Street
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