Bulls ready to test 0.6080 – UOB Group

The New Zealand Dollar (NZD) strength from earlier this month is over; it is likely to trade between 0.5935 and 0.6080 for now, note UOB Group Quek Ser Leang and Lee Sue Ann.

NZD may try to break the 0.6080 resistance

24 HOUR VIEW: “The NZD went down two days ago. Yesterday, I indicated that “while oversold, there is room for the NZD to fall to 0.5975 before stabilization is likely.” I added, “the next support at 0.5935 is not expected to appear.” NZD then fell to 0.5975, closing at 0.5985 (-0.19%). Although the weakness has not completely stabilized, the pace of the slowdown suggests that the NZD is unlikely to weaken much further. Today, we expect the NZD to trade in a range, probably between 0.5975 and 0.6015.”

1-3 WEEKS: “Our update from yesterday (August 15th at 0.6000) is still valid. As indicated, the NZD’s strength from earlier this month has ended. For now, NZD is likely to trade in a range, probably between 0.5935 and 0.6080.”