So long as New Zealand Greenback (NZD) holds above 0.6015 towards US Greenback (USD), it might check 0.6060 earlier than leveling off. Within the longer run, NZD might proceed to rise; the following degree to observe is 0.6080, UOB Group’s FX analysts Quek Ser Leang and Peter Chia be aware.
NZD is about to proceed to rise
24-HOUR VIEW: “We didn’t count on NZD to soar to a excessive of 0.6047 (we have been anticipating consolidation). The sharp rise seems extreme, however so long as NZD holds above 0.6015 (minor help is at 0.6030), it might check 0.6060 earlier than leveling off. Based mostly on the present overbought momentum, any additional advance is unlikely to succeed in 0.6080.
1-3 WEEKS VIEW: We identified yesterday (23 Jul, spot at 0.5990) that ‘upward momentum is growing.’ Nevertheless, we highlighted that NZD ‘should first shut above 0.6010 earlier than a transfer to 0.6040 could be anticipated.’ We didn’t count on NZD to rapidly soar and surpass 0.6040 (excessive of 0.6047). NZD might proceed to rise, and the following degree to observe is 0.6080. On the draw back, if NZD breaks under 0.5985, it could imply that it isn’t advancing additional.”
