The New Zealand dollar (NZD) could weaken even more against the US dollar (USD), but it might not be able to break clearly below 0.5870. In the long term, the bias for the NZD is inclined downward towards 0.5870, potentially reaching 0.5835, the FX analysts of UOB Group, quek be Leang and Peter Chia point out.
The bias for the NZD is downward towards 0.5870
24 -hour vision: “After the NZD fell sharply at 0.5936 two days ago, we indicated that ‘the pronounced fall seems to be exaggerated, but the NZD could fall to 0.5920 before a stabilization occurs.’ We also indicate that ‘the main support in 0.5890 is unlikely to be visible.’ The NZD fell more than expected to 0.5901, and the corresponding increase in impulse suggests greater weakness today.
Vision at 1-3 weeks: “Yesterday (May 8, quotation in 0.5945), we indicate that the NZD ‘remains in a negotiation range, probably between 0.5890 and 0.6030.’ We did not expect the subsequent fall to 0.5901.
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.
