NZD/USD: Expected To Fall Towards 0.6085

Analysts at UOB Group pointed out that NZD/USD may trade sideways between 0.6100/0.6140, and if it breaks below, NZD will fall to 0.6085.

A break below 0.6100/0.6140 would target 0.6085

24-hour view: “NZD traded between 0.6108 and 0.6130 yesterday, a narrower sideways range than our expectation of 0.6100/0.6140. The quiet price action offers no new clues. We continue to expect NZD to trade in a sideways range of 0.6100/0.6140.”

1-3 Week View: “Our most recent view was from last Tuesday (June 18, current price 0.6130),” As long as NZD remains below 0.6180, it will move lower to support at 0.6085. Overall, only a break above 0.6160 (the “strong resistance” level has been moved down from 0.6180) would indicate that the current mild downward pressure has subsided.

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