The New Zealand Dollar (NZD) could break below 0.6115; the support at 0.6085 is highly unlikely to come into view, UOB Group FX strategists Quek Ser Leang and Peter Chia note.
Bears target 0.6115 in the sort term
24-HOUR VIEW: “We indicated yesterday that ‘provided that NZD remains below 0.6220, it could break below 0.6150.’ We added, ‘the major support at 0.6115 is highly unlikely to come into view today.’ Our view turned out to be correct, as NZD fell to a low of 0.6132. The price action suggests NZD could break below 0.6115 today. This time around, the support at 0.6085 is highly unlikely to come into view. Resistance levels are at 0.6160 and 0.6175.”
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