The New Zealand (NZD) could continue to weaken; oversold conditions suggest a sustained break below 0.6250 is unlikely. In the longer run, downward momentum has increased slightly; pullback in NZD could potentially reach 0.6225, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
NZD can fall to 0.6225 in the longer run
24-HOUR VIEW: “Our view of sideways trading yesterday was incorrect, as NZD fell sharply to 0.6265 before closing on a weak note at 0.6281 (-1.13%). Unsurprisingly, the sharp drop has resulted in an increase in momentum. Today, while NZD could continue to weaken, oversold conditions suggest a sustained break below 0.6250 is unlikely. The major support at 0.6225 is also unlikely to come into view. To keep the oversold momentum going, NZD must not break above 0.6325 with minor resistance at 0.6305.”
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