Additional losses not likely close to time period – UOB
NZD/USD is now observed navigating a consolidative vary between 0.6270 and nil.6450 in the following few weeks, counsel Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Staff.
Key Quotes
24-hour view: “The previous day, we held the view that NZD ‘is below delicate downward drive and may just edge decrease however the odds of a ruin of the foremost beef up at 0.6270 don’t seem to be top’. NZD dipped in short to 0.6291 earlier than rebounding strongly to a top of 0.6365 in NY business. Whilst there may be room for NZD to advance as of late, it’s not likely to wreck 0.6400. Beef up is at 0.6340, a breach of 0.6320 would point out that NZD isn’t advancing additional.”
Subsequent 1-3 weeks: “Our newest narrative was once from closing Friday (10 Feb, spot at 0.6330) the place ‘until NZD breaks underneath 0.6270 within the subsequent 1-2 days, the probabilities of it declining additional are slender’. In NY business the previous day, NZD rebounded strongly to a top of 0.6365. Whilst our ‘robust resistance’ at 0.6380 isn’t breached, downward momentum has roughly pale. In different phrases, NZD is not likely to say no additional. From right here, NZD is much more likely to consolidate and business between 0.6270 and nil.6450.”
