Business
The New Zealand Dollar (NZD) is likely to say no additional; the main support at 0.6005 is likely out of reach (there is one other support at 0.6030). Within the longer whisk, NZD is likely to say no additional; the level to watch is 0.6005, UOB Community’s FX analysts Quek Ser Leang and Peter Chia original.
Business NZD is likely to say no additional
24-HOUR VIEW: “The day prior to this, we expected NZD to consolidate in a range of 0.6070/0.6110. NZD then traded between 0.6074 and 0.6105, closing at 0.6083 (-0.23%). In early Asian change at the present time, NZD plummeted, and given the engaging lengthen in momentum, it is likely to say no additional. That talked about, the main support at 0.6005 is likely out of reach (there is one other support at 0.6030). Resistance ranges are at 0.6080 and 0.6095.”
1-3 WEEKS VIEW: “We grew to turn out to be negative in NZD two weeks ago. As we tracked the next decline, in our most up-to-date narrative from ultimate Thursday (10 Oct, location at 0.6070), we highlighted, whereas the oversold weakness has no longer stabilised, NZD ‘must spoil and dwell beneath 0.6050 before additional sustained decline is likely.’ We added, ‘the chance of NZD breaking clearly beneath 0.6050 will dwell intact as long as 0.6145 (‘solid resistance’ level) is no longer breached.’ At the time of writing in early Asian session at the present time, NZD fell sharply. Whereas the 0.6050 has no longer been clearly breached yet, the engaging lengthen in immediate momentum suggests NZD is likely to say no additional. The level to watch is at 0.6005. On the upside, the ‘solid resistance’ level has moved lower to 0.6115 from 0.6145.”
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