New Zealand Greenback (NZD) might take a look at the 0.6070 stage earlier than levelling off towards US Greenback (USD); the main resistance at 0.6095 is probably going out of attain. Within the longer run, upward momentum stays largely unchanged, however there’s a probability for NZD to check 0.6095, UOB Group’s FX analysts Quek Ser Leang and Peter Chia notice.
The key resistance at 0.6095 is probably going out of attain
24-HOUR VIEW: “Yesterday, we held the view that ‘the present worth actions are possible a part of a 0.6000/0.6045 vary buying and selling section.’ Our view was incorrect, as NZD rose to a excessive of 0.6066. Whereas there was no important improve in momentum, NZD might take a look at the 0.6070 stage earlier than levelling off. The key resistance at 0.6095 is probably going out of attain. Help ranges are at 0.6035 and 0.6020.”
1-3 WEEKS VIEW: “We revised our NZD view to optimistic final Tuesday (03 Jun, spot at 0.6040), indicating that ‘the fast buildup in upward momentum signifies additional NZD power, and the extent to watch is 0.6095.’ After NZD rose to 0.6088, we highlighted final Friday (06 Jun, spot at 0.6045) that upward momentum stays largely unchanged, however so long as 0.5985 (‘sturdy assist’ stage) just isn’t breached, there’s a probability for NZD to check 0.6095.’ We proceed to carry the identical view, however we’re revising the ‘sturdy assist’ stage to 0.6000 from 0.5985.”
