In opinion of FX Strategists at UOB Group, NZD/USD remains under pressure and a move to the 0.5400 area still looks well on the cards. Key Quotes 24-hour view: “We expected ‘further rapid drop to 0.5500’ yesterday. The subsequent decline exceeded our expectation NZD plunged to 0.5469 before snapping higher. The strong bounce from the low amid sign of ‘tiring’ momentum suggests NZD is not likely to move below 0.5469 for today. Overall, NZD could continue to trade choppily but is likely to stay within yesterday’s broad range of 0.5469/0.5919.” Next 1-3 weeks: “NZD cracked the 0.5800 level first indicated on Monday (16 Mar, spot at 0.6050) and plunged to 0.5703. The risk from here is obviously for further NZD decline. The next support is at 0.5400 followed by 0.4895 (low in 2009). ‘Strong resistance’ is at 0.5950.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Crypto Market Update: Bitcoin bulls back in the game, $7,000 may be taken any minute FX Street 2 years In opinion of FX Strategists at UOB Group, NZD/USD remains under pressure and a move to the 0.5400 area still looks well on the cards. Key Quotes 24-hour view: “We expected ‘further rapid drop to 0.5500’ yesterday. The subsequent decline exceeded our expectation NZD plunged to 0.5469 before snapping higher. The strong bounce from the low amid sign of ‘tiring’ momentum suggests NZD is not likely to move below 0.5469 for today. Overall, NZD could continue to trade choppily but is likely to stay within yesterday’s broad range of 0.5469/0.5919.” Next 1-3 weeks: “NZD cracked the 0.5800 level first indicated… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
