The New Zealand Dollar (NZD) remains under mild downward pressure and could potentially test the 0.5670 level next, according to FX analysts Quek Ser Leang and Peter Chia from UOB Group.
24-Hour Outlook
- Yesterday, NZD/USD broke below 0.5700, dropping to a low of 0.5694 before recovering slightly to 0.5708 (-0.26%).
- Analysts note that the downward bias remains intact, although the pair is unlikely to breach major support at 0.5670 today.
- Immediate support levels: 0.5685, 0.5670
- Resistance levels: 0.5715, 0.5725
1–3 Weeks Outlook
- Last Friday (31 Oct), UOB highlighted a slight increase in downward momentum for NZD/USD, expecting it to edge lower and potentially test 0.5700.
- While the pair broke below 0.5700 yesterday, the analysts see no significant acceleration in the decline.
- There is room for NZD to test 0.5670 in the near term.
- Only a break above 0.5750 (strong resistance, previously at 0.5765) would signal that the mild downward pressure has eased.