NZD/USD EXPECTED TO REACH 0.5855
NZD/USD EXPECTED TO REACH 0.5855
UOB Group's FX analysts, Quek Ser Leang and Peter Chia, suggest that the New Zealand Dollar (NZD) may strengthen further.
caution that maintaining a position above 0.5785 could be challenging.
They identify the 0.5785 level as a significant threshold.
A sustained close above this point is deemed necessary before anticipating a move towards 0.5855.
In the longer term, the NZD is projected to trade within a range between 0.5840 and 0.5950, indicating a period of consolidation.
Earlier analyses from November 2024 highlighted a negative outlook for the NZD, with technical targets set at the previous year's low of 0.5775.
Key support is noted at 0.5850. A sustained break below this level could signal a shift in momentum, potentially leading to further declines.
The NZD is currently expected to trade between 0.5830 and 0.5890 in the short term, reflecting a phase of range-bound trading.
