The New Zealand Dollar (NZD) has the potential to retest the 0.6130 level, according to analysts at UOB Group. However, the major resistance at 0.6150 may not be reached. Despite this, there is a chance for the NZD to recover and extend to 0.6150.
In the short term, NZD surged to a high of 0.6129 but failed to sustain a break above this level. The analysts suggest that there is still a possibility for NZD to retest 0.6130, with support levels at 0.6100 and 0.6090. The major resistance at 0.6150 is not expected to be reached in the near future.
Looking ahead to the next 1-3 weeks, the recent weakness in NZD has stabilized, indicating a potential recovery that could lead to an extension to 0.6150. However, a breach of 0.6070 would suggest that NZD is not likely to recover further.
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