NZD/USD Exchange Rate Breaks Critical Level, Potential for Further Decline

Thursday, 18 July 2024, 09:04
The latest analysis by UOB Group indicates that the NZD/USD pair has broken below the important support level at 0.6030, suggesting a bearish outlook. The pair is expected to continue its downward trajectory within the range of 0.6045 to 0.6100. Traders and investors should monitor the NZD/USD pair closely as it navigates through key levels.
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NZD/USD Exchange Rate Breaks Critical Level, Potential for Further Decline

NZD/USD Analysis

The New Zealand Dollar (NZD) has experienced a significant shift in its exchange rate against the US Dollar (USD) as it breaks below the critical level of 0.6030.

Key Points:

  • Support Break: UOB Group predicts a further downward movement for NZD/USD after breaching 0.6030.
  • Expected Range: The currency pair is likely to fluctuate within the boundaries of 0.6045 to 0.6100 in the near term.

Traders are advised to exercise caution and watch for potential trading opportunities amidst this volatile market condition.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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