New Zealand Greenback (NZD) is prone to commerce in a sideways vary of 0.6015/0.6055 in opposition to US Greenback (USD). Within the longer run, upward momentum stays largely unchanged, however there’s a likelihood for NZD to check 0.6095, UOB Group’s FX analysts Quek Ser Leang and Peter Chia observe.
Upward momentum stays largely unchanged
24-HOUR VIEW: “Whereas we anticipated NZD to ‘commerce with an upward bias’ yesterday, we indicated that ‘the most important resistance at 0.6095 is probably going out of attain.’ We additionally identified, ‘there’s one other resistance degree at 0.6070.’ After rising briefly to a excessive of 0.6066 within the NY session, NZD retreated to shut at 0.6027 (-0.44%). The upward bias has pale, and NZD is prone to commerce in a sideways vary of 0.6015/0.6055 right this moment.”
1-3 WEEKS VIEW: “We have now maintained the identical view since final Friday (06 Jun, spot at 0.6045), whereby ‘upward momentum stays largely unchanged, however there’s a likelihood for NZD to check 0.6095.’ On the draw back, a breach of 0.6010 would point out that the possibility for a check of 0.6095 has pale.”
