Downward momentum is increasing, suggesting a potential decline in the NZD/USD exchange rate. However, the ability to breach the key support level at 0.5450 remains uncertain, according to UOB Group FX analysts Quek Ser Leang and Peter Chia.
Short-term (24-hour) analysis indicates a likely decline in NZD/USD, contingent on the pair remaining below 0.5570, with minor resistance at 0.5540. The extent of downward momentum required to break the 0.5450 support level is unclear.
Medium-term (1-3 weeks) outlook maintains a bearish perspective. While premature to anticipate stabilization, further NZD/USD depreciation towards the 0.5450 support is anticipated. A breach of this level could lead to a further decline towards 0.5405. The strong resistance level has been revised downwards to 0.5650 from 0.5690.
