A slight increase in the bearish momentum will probably lead to a lower range of 0.5685/0.5730 instead of a sustained fall. In the long term, there has not been an additional increase in the bullish momentum; A rupture of 0.5660 would mean that the recovery will not reach 0.5775, the FX analysts of UOB Group Quek quek and Peter Chia point out.
Probable trade in a lower range of 0.5685/0.5730
24 -hour vision: “We highlight last Friday that ‘trade in additional range seems likely, probably in a range of 0.5710/0.5760.’ The NZD was then negotiated in a lower range than expected (0.5695/0.5741).
Vision at 1-3 weeks: “Last Thursday (March 6, Spot on 0.5720), we highlight that ‘current price movements are probably part of a recovery phase that could reach 0.5775.’ The NZD subsequently rose to 0.5760 and then retreated.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
