Whereas New Zealand Greenback (NZD) might proceed to rise towards US Greenback (USD), deeply overbought circumstances counsel that 0.6120 is probably going out of attain for now. Within the longer run, the clear break above 0.6095 is prone to result in additional NZD power towards 0.6120, UOB Group’s FX analysts Quek Ser Leang and Peter Chia word.
To maintain the renewed momentum, NZD should maintain above 0.6040
24-HOUR VIEW: “The sharp rise that despatched NZD to a excessive of 0.6099 was shocking (we had been anticipating consolidation). Whereas NZD might proceed to rise, deeply overbought circumstances counsel that the following resistance at 0.6120 is probably going out of attain for now. On the draw back, help ranges are at 0.6075 and 0.6060.”
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 prone to check the 0.6090 degree, however it’s too early to find out if it could actually break clearly above this degree.’ Yesterday, NZD broke above 0.6090 and reached a excessive of 0.6099. The clear break above 0.6095 is prone to result in additional NZD power towards 0.6120. To maintain the renewed momentum, NZD should maintain above the ‘robust help’ at 0.6040, degree beforehand at 0.6000.”
