Are you ready to capitalize on the potential decline of the New Zealand Dollar (NZD)? Our top analysts at UOB Group, Quek Ser Leang and Lee Sue Ann, are predicting further weakness in the NZD as long as it stays below the key level of 0.6005. With impulsive momentum pointing towards a possible break below 0.5940, now is the time to pay attention to this currency pair.
In the short term, our 24-hour view suggests that NZD could continue its downward trend, with a minor resistance level at 0.5995. However, a breach of 0.6005 could lead to further declines, although a drop to 0.5940 is unlikely at this point.
Looking ahead to the next 1-3 weeks, our experts are seeing a potential for NZD to fall even lower, with a strong resistance level at 0.6030. While conditions are oversold and impulsive momentum is indicating weakness, the key level to watch is 0.5940 for a possible break.
In summary, the NZD is facing downward pressure and could see further declines in the near future. Keep an eye on the key levels of 0.6005 and 0.5940 for potential trading opportunities. Don’t miss out on the chance to profit from this currency pair’s movement.