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NZD/USD: Increase in downward momentum is likely to lead to a lower range – UOB Group
Key Takeaways (30s Read)
NZD/USD is likely to see increased downward momentum leading to a lower trading range.
According to UOB Group’s FX analysts, Quek Ser Leang and Peter Chia, the NZD/USD currency pair is experiencing a slight increase in downward momentum, which is likely to shift the trading range lower to 0.5720/0.5765. The outlook for the near term suggests that NZD will trade within the range of 0.5720 to 0.5805. Increased uncertainty in the market, particularly regarding economic indicators from Australia and New Zealand, tends to amplify this sentiment. Traders should remain cautious as they monitor upcoming economic data and central bank policies that may impact the pair's movements.
AI Analyst
AI Opinion
"The market for NZD/USD is showing signs of facing downward pressure in the near future. According to UOB Group's analysis, the performance is projected to be capped within the range of 0.5720 to 0.5805, yet the possibility of further declines cannot be dismissed. With upcoming economic data releases, market volatility may increase, necessitating cautious trading strategies. Investors should prioritize risk management for NZD/USD while keeping an eye on economic trends and central bank policies."
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