There seems to be adequate momentum for New Zealand Greenback (NZD) to check 0.5980; a sustained rise above this degree seems unlikely. Within the longer run, upward momentum is constructing, however not considerably; NZD may edge increased, however it’s presently unclear if it will possibly attain 0.6000, UOB Group’s FX analysts Quek Ser Leang and Peter Chia word.
Ample momentum for NZD to check 0.5980
24-HOUR VIEW: “Though we anticipated NZD to ‘advance additional’ yesterday, we indicated that it ‘is unlikely to have the ability to attain 0.5960.’ Nonetheless, NZD rose and reached a excessive of 0.5967, earlier than closing on a agency word at 0.5962. There seems to be adequate momentum for NZD to check 0.5980 right this moment, however a sustained rise above this degree seems unlikely. The subsequent resistance degree at 0.6000 can be unlikely to become visible. Help ranges are at 0.5945 and 0.5930.”
1-3 WEEKS VIEW: “Our newest narrative was from two days in the past (06 Aug, spot at 0.5910), wherein we said that NZD ‘is anticipated to commerce in a spread between 0.5860 and 0.5960.’ Yesterday, NZD rose above 0.5960, reaching a excessive of 0.5967. Upward momentum is constructing, however not considerably. From right here, so long as NZD holds above 0.5910, we anticipate NZD to edge increased, however it’s presently unclear if it will possibly attain 0.6000.”
