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    "slug": "nzd-usd-likely-to-test-0-5840-before-the-risk-of-a-pullback-increases-uob-group",
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    "title": {
        "rendered": "NZD\/USD: Likely to test 0.5840 before the risk of a pullback increases \u2013 UOB Group"
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        "rendered": "<div id=\"post-content-section\">\n<p>There is a chance for New Zealand Dollar (NZD) to test 0.5840 before the risk of a pullback increases. In the longer run, NZD has likely moved into a 0.5770\/0.5865 range-trading phase, UOB Group&#8217;s FX analysts Quek Ser Leang and Peter Chia note. <\/p>\n<h2>NZD is likely to trade in a range for now<\/h2>\n<p>24-HOUR VIEW: &#8220;We did not anticipate the sharp rise in NZD that reached a high of 0.5831 (we were expecting consolidation). Despite the relatively sharp advance, upward momentum has not increased significantly. That said, there is a chance for NZD to test 0.5840 before the risk of a pullback increases. We do not expect the major resistance at 0.5865 to come under threat. Support is at 0.5805; a breach of 0.5790 would indicate that the current upward bias has faded.&#8221; <\/p>\n<p>1-3 WEEKS VIEW: &#8220;We have held a negative stance on NZD since the middle of last month (as annotated in the chart below). Yesterday (01 Oct, spot at 0.5795), we indicated that &#8216;downward momentum has slowed further, and unless there is a meaningful decline soon, a break above 0.5815 would suggest that NZD has moved into a range-trading phase.&#8217; NZD subsequently rose above 0.5815, reaching a high of 0.5831. The price action suggests that NZD is likely to trade in a range for now, expected to be between 0.5770 and 0.5865.&#8221;<\/p>\n<\/div>",
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