In opinion of FX Strategists at UOB Group, the kiwi dollar could accelerate the downside on a breach of the 0.6380 level. Key Quotes 24-hour view: “The sudden and sharp sell-off that sent NZD plunging to an overnight low 0.6405 came as a surprise. The rapid decline is deep in oversold territory now but there is room for NZD to test the 0.6380 support first before stabilization can be expected. Resistance is at 0.6450 followed by 0.6480.” Next 1-3 weeks: “After NZD rebounded strongly from a low of 0.6375, we highlighted on Tuesday (23 Jun, spot at 0.6475) that ‘downward pressure has more or less dissipated’ and expected NZD to ‘trade between 0.6380 and 0.6550’. While the 0.6380 level is intact, the sharp drop in NZD yesterday (24 Jun) suggests that a break of this level would not be surprising. From here, if NZD closes below 0.6380, it could weaken further to 0.6320. At this stage, the prospect for NZD to weaken further is not high but it would continue to increase unless NZD moves back above 0.6510.” 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 Dollar dominates, gold shines as coronavirus rages in the US, triple data release eyed Yohay Elam 2 years In opinion of FX Strategists at UOB Group, the kiwi dollar could accelerate the downside on a breach of the 0.6380 level. Key Quotes 24-hour view: “The sudden and sharp sell-off that sent NZD plunging to an overnight low 0.6405 came as a surprise. The rapid decline is deep in oversold territory now but there is room for NZD to test the 0.6380 support first before stabilization can be expected. Resistance is at 0.6450 followed by 0.6480.” Next 1-3 weeks: “After NZD rebounded strongly from a low of 0.6375, we highlighted on Tuesday (23 Jun, spot at 0.6475) that ‘downward… 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.