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28 Oct 2024

NZD/USD: A dip below 0.5970 is possible – UOB Group

As long as 0.6010 is not breached, the New Zealand Dollar (NZD) could dip below 0.5970 before stabilisation is likely. In the longer run, there is no significant increase in momentum, but the weakness in NZD has not stabilised. The next level to watch is 0.5950, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

The next level to watch is 0.5950

24-HOUR VIEW: “We indicated last Friday that NZD ‘could drift lower, but it is unlikely to break clearly below 0.5985.’ The anticipated decline exceeded our expectations, as NZD dropped to a low of 0.5975. Despite the decline, downward momentum has not increased that much. However, as long as 0.6010 (minor resistance is at 0.5995) is not breached, NZD could dip below 0.5970 before stabilisation is likely. The next support at 0.5950 is unlikely to come into view.”

1-3 WEEKS VIEW: “We have held a negative view in NZD since early this month. In our latest narrative from last Thursday (24 Oct, spot at 0.6005), we indicated that ‘the potential for further declines could be limited.’ We also indicated that “the levels to watch are 0.5985 and 0.5970.” Last Friday, NZD fell to a low of 0.5975. Despite the decline, there is no significant increase in momentum. However, only a breach of 0.6035 (‘strong resistance’ level previously at 0.6060) would mean that the weakness has stabilised. The next level to watch is 0.5950.”

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Oct 28, 2024

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The US Dollar has retraced most of the ground taken following the release of the Japanese election results, retreating from three-month highs at 153.75 to 152.50 so far.
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