The New Zealand dollar (NZD) could weaken even more against the US dollar (USD), but it is unlikely to reach 0.5970; Keep in mind that there is another support level at 0.5995. In the long term, the bullish pressure has decreased; The NZD will probably be negotiated in a range of 0.5970/0.6080 For now, the FX analysts of UOB Group, quek being Leang and Peter Chia.
The bullish pressure has decreased
24 -hour perspective: “When the NZD was at 0.6035 yesterday, we maintained the opinion that ‘it is likely to be negotiated in a lateral range of 0.6015/0.6055.’ We underestimate the volatility, since after falling to 0.6008, the NZD shot at 0.6071. 0.5970.
Perspective 1-3 weeks: “We have maintained the same vision since last Friday (June 6, for 0.6045), in which we indicate that ‘the bullish impulse remains largely unchanged, but there is a possibility that the NZD tests 0.6095.’ Yesterday, the NZD fell below our level of ‘strong support’ of 0.6010.
Source: Fx Street
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