Within the opinion of FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang, NZD/USD might slip again to the 0.6100 area within the subsequent few weeks.
Key Quotes
24-hour view: “We anticipated NZD to ‘commerce between 0.6145 and 0.6210’ yesterday. NZD subsequently traded inside a decrease vary of 0.6132/0.6191. The value actions nonetheless look like a part of a consolidation and we anticipate NZD to commerce between 0.6125/0.6185 for in the present day.”
Subsequent 1-3 weeks: “There isn’t any change in our view from yesterday (06 Jul, spot at 0.6175). As highlighted, regardless of the current decline, downward momentum has not improved by a lot. That stated, there’s scope for NZD to weaken additional to the following help at 0.6100. Solely a break of 0.6230 (no change in in ‘sturdy resistance’ stage was from yesterday) would point out that the NZD weak point that began the center of final week has ended.”
