Near-term NZD/USD threats of further decline - UOB

NZD/USD confronts solid support at 0.6085, according to a UOB Group economist.

Analysis of NZD/USD

24-hour result: "Our expectation that the New Zealand dollar would edge lower did not come to pass as it recovered from a low of 0.6125 (high of 0.6167). Momentum to the downside has slowed, and NZD is expected to move in a range. The range anticipated for today is 0.6135–0.6190.

Next 1-3 weeks analysis of the instrument: "Yesterday (24 April, spot at 0.6140) 'While negative momentum has not grown considerably, NZD is expected to trade with a bearish bias'. It remains to be seen if the NZD would drop to the primary support around 0.6085, we continued. For the time being, this opinion has not changed. The present negative tendency in the NZD would only be signaled by a break of 0.6200 (no change in strong resistance level).