World-renowned investment manager and financial market journalist, with a keen eye for market trends and insights, predicts that the New Zealand Dollar (NZD) may continue to decline unless it breaches the key level of 0.5980. The UOB Group FX analysts, Quek Ser Leang and Lee Sue Ann, highlight the significant support level at 0.5900, which is unlikely to come under threat.
NZD Trading Analysis
24-HOUR VIEW: Yesterday, the NZD fell to a low of 0.5951 as predicted, with conditions being severely oversold. The analysts suggest that as long as 0.5980 is not breached, the NZD could weaken further towards the significant support level at 0.5900.
1-3 WEEKS VIEW: Despite the impulsive downward momentum, the analysts did not expect the sharp decline that occurred, with the NZD falling to 0.5951. Momentum remains strong, and a breach of 0.5940 is possible, with the next level to watch at 0.5900. Breaking above 0.6000 would indicate a stabilization of the weakness seen in recent weeks.
Expert Analysis Breakdown
In conclusion, the NZD is at a critical juncture, with the potential for further decline towards the significant support level at 0.5900. Traders and investors should monitor the key levels mentioned by the analysts to make informed decisions about their trades and investments. It is crucial to keep an eye on the market conditions and momentum to navigate the potential risks and opportunities presented by the NZD’s movements.