In the be conscious of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, NZD/USD faces extra weakness within the next few weeks.
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24-hour be conscious: We indicated the day before today that “barring a fracture above 0.5910, NZD also can tumble to 0.5840 earlier than stabilisation is likely.” Nonetheless, NZD traded in a range between 0.5860 and zero.5903. The weakness in NZD doesn’t seem to safe stabilised. We proceed to preserve the be conscious that NZD also can tumble to 0.5840 earlier than stabilisation is likely. Most effective a fracture above 0.5900 (minor resistance is at 0.5885) would point out that the weakness in NZD has stabilised.
Next 1-3 weeks: Our update from the day before today (06 Sep, station at 0.5875) tranquil stands. As highlighted, the like a flash magnify in momentum after the appealing tumble on Tuesday is likely to lead to extra NZD weakness. That acknowledged, it remains to be viewed if the essential strengthen at 0.5800 is interior stare this time round. The scheme back risk is unbroken as long as NZD stays under 0.5945 (no substitute in ‘tough resistance’ stage from the day before today).
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