There’s room for New Zealand Greenback (NZD) to edge above 0.6075 in opposition to US Greenback (USD); the most important resistance at 0.6090 nonetheless seems to be out of attain. Within the longer run, NZD is more likely to take a look at the 0.6090 stage; it’s too early to find out if it will probably break clearly above this stage, UOB Group’s FX analysts Quek Ser Leang and Peter Chia observe.
Main resistance at 0.6090 nonetheless seems to be out of attain
24-HOUR VIEW: “NZD closed at 0.6036 two days in the past. Yesterday, it rose sharply within the early Asian session, and we indicated that ‘additional advance seems possible, however based mostly on the present momentum, the most important resistance at 0.6090 might be out of attain.’ We famous that ‘there’s one other resistance stage at 0.6075.’ NZD subsequently rose to a excessive of 0.6075 earlier than closing at 0.6058 (+0.34%). Though situations are overbought, there’s room for NZD to edge above 0.6075. The main resistance at 0.6090 remains to be most likely out of attain. On the draw back, help ranges are at 0.6045 and 0.6030.”
1-3 WEEKS VIEW: “On Tuesday (24 Jun, spot at 0.5995), we indicated that the current ‘sharp however short-lived swings have resulted in a combined outlook.’ We anticipated NZD to ‘commerce in a spread of 0.5900/0.6090 for now.’ Yesterday (26 Jun, spot at 0.6055), we indicated that NZD ‘is more likely to take a look at the 0.6090, however it’s too early to find out if it will probably break clearly above this stage.’ NZD then rose to a excessive of 0.6075. Upward momentum has elevated additional, albeit not by a lot. In the intervening time, we proceed to carry the identical view. On the draw back, ought to NZD break under 0.6000 (‘robust help’ stage was at 0.5960 yesterday), it might point out that 0.6090 is out of attain.”
