New Zealand Greenback (NZD) is more likely to consolidate between 0.6040 and 0.6080 in opposition to US Greenback (USD). Within the longer run, NZD is more likely to take a look at the 0.6090 degree; it’s too early to find out if it might probably break clearly above this degree, UOB Group’s FX analysts Quek Ser Leang and Peter Chia be aware.
NZD is more likely to take a look at the 0.6090 degree
24-HOUR VIEW: “NZD climbed to a excessive of 0.6075 final Thursday earlier than easing. When NZD was at 0.6060 on Friday, we highlighted that ‘there’s room for NZD to edge above 0.6075.’ Nevertheless, we had been of the view that ‘the most important resistance at 0.6090 is probably going out of attain.’ NZD then edged to a excessive of 0.6077 earlier than easing off to shut at 0.6054 (-0.07%). NZD seems to have moved right into a consolidation part, possible between 0.6040 and 0.6080.”
1-3 WEEKS VIEW: “In our most up-to-date narrative from final Thursday (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 might probably break clearly above this degree.’ Whereas upward momentum has elevated considerably, it’s nonetheless too early to find out if it might probably break above 0.6090. On the draw back, ought to NZD break under 0.6000 (no change in ‘robust help’ degree), it will point out that 0.6090 is out of attain.”
