The down move in NZD/USD could extend towards the 0.6500 region in the near term, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “Our expectations of sideways trading above 0.6600 was proven wrong overnight as NZD was sold off hard to a low of 0.6543. Now, momentum is building on the downside and may trade a lower range between 0.6520 and 0.6580″. Next 1-3 weeks: “As highlighted on Monday (29 Jul, spot at 0.6635), the mid-July low near 0.6565 is unlikely to come into the picture unless there is a NY close below 0.6610. Yesterday’s price action was decisive. After taking out 0.6600, the key support at 0.6565 was taken out in quick session (within an hour). The ensuring strong momentum means that NZD is probably going to test its next big level at 0.6500 ‘soon’. the prospect for a move to 0.6565 has increased. On the top side, only a recovery above 0.6600 would negate the ‘downside bias’. 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: Rebounds likely – Commerzbank FX Street 4 years The down move in NZD/USD could extend towards the 0.6500 region in the near term, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: "Our expectations of sideways trading above 0.6600 was proven wrong overnight as NZD was sold off hard to a low of 0.6543. Now, momentum is building on the downside and may trade a lower range between 0.6520 and 0.6580". Next 1-3 weeks: "As highlighted on Monday (29 Jul, spot at 0.6635), the mid-July low near 0.6565 is unlikely to come into the picture unless there is a NY close below 0.6610. Yesterday's price action was… 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.
