NZD/USD: Next Support Level To Watch: 0.6040

NZD/USD could trade sideways between 0.6065-0.6115. Analysts at UOB Group say the NZD is likely to continue to weaken, with the next support at 0.6040.

A move above 0.6135 would end the NZD’s decline

24-hour view: “While we expected further NZD weakness yesterday, we said ‘important support at 0.6040 is unlikely to be threatened’. We also noted that ‘another support is at 0.6060. The NZD fell less than expected, falling to 0.6069 before recovering to 0.6083 and closing flat there. This price action could be part of a sideways trading phase. Today, we expect the NZD to trade between 0.6065-0.6115.

1-3 Weeks view: “Not much to add to our update yesterday (June 27, spot price 0.6080). As we highlighted, the NZD is likely to continue to weaken. The next support level to watch is 0.6040. Overall, only a break above 0.6135 (“strong resistance” level remains unchanged) would mean that the NZD’s weakness from the beginning of last week is over.

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