In light of the recent price action, a probable test of the 0.63 area in NZD/USD appears to have lost momentum for the time being, according to FX Strategists at UOB Group. Key Quotes 24-hour view: “No change in view from yesterday, see reproduced update below. That said, after yesterday’s strong rebound, the prospect for a move to 0.6300 has diminished further”. Next 1-3 weeks: “NZD rebounded to 0.6411 last Friday (12 Aug) before ending on a firm note at 0.6395 (+0.51%). However, events over the weekend sent it plunging to a low of 0.6342 this morning. The price action was not surprising as we indicated last Friday (12 Aug, spot at 0.6365) that our long-held level of 0.6350 is “within sight”. While further NZD weakness is not ruled, the current decline is over-extended and the next support at 0.6300 could be out of reach. That said, NZD is not out of the woods yet as it has to reclaim 0.6430 (‘key resistance’ was at 0.6455 last Friday) in order to indicate that a short-term bottom is in place”. 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 GBP/USD hits session tops around mid-1.2200s, lacks follow-through FX Street 4 years In light of the recent price action, a probable test of the 0.63 area in NZD/USD appears to have lost momentum for the time being, according to FX Strategists at UOB Group. Key Quotes 24-hour view: "No change in view from yesterday, see reproduced update below. That said, after yesterday's strong rebound, the prospect for a move to 0.6300 has diminished further". Next 1-3 weeks: "NZD rebounded to 0.6411 last Friday (12 Aug) before ending on a firm note at 0.6395 (+0.51%). However, events over the weekend sent it plunging to a low of 0.6342 this morning. The price action… 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.
