Analysts at UOB Group explained that the bearish phase that started last Thursday (28 Jun, spot at 0.6785) is still clearly intact as NZD exceeded the 0.6720 target as it plunged to an overnight low of 0.6688.
Key Quotes:
“From here, the next level to focus on is at 0.6675, the minor low back in Jun 2016. Based on the rapid improvement in downward momentum yesterday, a break of this level would not be surprising.”
“The next significant support is further down at 0.6600/05. ‘Stop-loss’ for the bearish view is currently at 0.6800 (from 0.6830 previously). Shorter-term, 0.6750 is already a strong resistance.”
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