The New Zealand Dollar (NZD) is poised to test the 0.5915 support level in the short term, according to UOB Group FX analysts. After a recent period of weakness, the NZD has entered a recovery phase that could see it reach as high as 0.5990.
NZD Trading Outlook
In the next 24 hours, the NZD is expected to trade within a range of 0.5915 to 0.5965. Despite a slight pullback, the currency has shown resilience and is likely to continue its sideways movement.
Looking ahead to the next 1-3 weeks, analysts are confident in the NZD’s recovery potential. With strong support at 0.5890, the currency could test the 0.5990 level once again, building on recent gains.
Analysis and Implications
For investors and traders, the forecasted range for the NZD provides valuable insight into potential trading opportunities. By understanding the current market conditions and key support levels, individuals can make informed decisions about their positions in the currency.
Overall, the NZD’s recovery phase presents an opportunity for traders to capitalize on potential gains. By monitoring price movements and key levels, investors can position themselves for success in the forex market.