The New Zealand Dollar (NZD) is currently facing a period of potential weakening, with analysts from UOB Group predicting that it is likely to trade sideways between 0.6065 and 0.6115. The next support level to watch for is at 0.6040. These analysts suggest that a breach above 0.6135 would be needed in order to end the NZD weakness.
In the 24-hour view, analysts expected further weakness from the NZD but indicated that the major support level at 0.6040 was unlikely to be threatened. They also noted another support level at 0.6060. The NZD weakened slightly less than anticipated, reaching 0.6069 before recovering and ending the day at 0.6083. Analysts see this price action as part of a sideways trading phase and expect the NZD to trade between 0.6065 and 0.6115.
Looking ahead to the 1-3 week view, analysts suggest that not much has changed from previous updates, with the NZD likely to continue weakening. The next support level to watch is at 0.6040. Only a breach above 0.6135 would indicate an end to the NZD weakness that has been seen since early last week. This strong resistance level remains unchanged.
In conclusion, the New Zealand Dollar is facing a period of potential weakness, with analysts predicting a sideways trading pattern between 0.6065 and 0.6115. The next support level to watch is at 0.6040, with a breach above 0.6135 needed in order to indicate an end to the NZD weakness. The price action is seen as part of a sideways trading phase, with the NZD expected to trade within a specific range in the coming days.
