NZD/USD: Any advance is unlikely to threaten this week’s excessive, close to 0.6055 – UOB Group

New Zealand Greenback (NZD) may edge larger towards US Greenback (USD), however any advance is unlikely to threaten this week’s excessive, close to 0.6055. Within the longer run, fast buildup in upward momentum signifies additional NZD energy; the extent to observe is 0.6095, UOB Group’s FX analysts Quek Ser Leang and Peter Chia notice.

Fast buildup in upward momentum signifies additional NZD energy

24-HOUR VIEW: “We famous yesterday that NZD ‘seems to have entered a consolidation section, and at present, we anticipate it to commerce between 0.5985 and 0.6030.’ NZD then traded in a better vary of 0.5995/0.6039, closing on a agency notice at 0.6028 (+0.28%). At the moment, NZD may edge larger, however barring a sudden surge in momentum, any advance is unlikely to threaten this week’s excessive, close to 0.6055. Assist ranges are at 0.6010 and 0.5995.”

1-3 WEEKS VIEW: “We turned constructive in NZD two days in the past (03 Jun, spot at 0.6040). We indicated that ‘the extent to observe is 0.6095.’ Whereas there was no additional improve in upward momentum, our view stays unchanged for now. All in all, solely a breach of 0.5970 (no change in ‘sturdy assist’ stage) would imply that the buildup in momentum has pale.”