NZD/USD faces a tough support at 0.6100 – UOB

Further selling pressure could motivate NZD/USD to challenge the solid support at the 0.6100 region in the next few weeks, note UOB .

24-hour view: “We expected NZD to weaken further yesterday but we noted, ‘oversold conditions suggest the major support at 0.6100 is unlikely to come under threat today’. We added, ‘There is another support at 0.6135’. NZD dropped to a low of 0.6132 before rebounding. The rebound amid oversold conditions suggests NZD has likely moved into a consolidation phase. In other words, NZD is likely to trade sideways today, expected to be between 0.6135 and 0.6195.”

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