New Zealand Greenback (NZD) has possible moved right into a 0.6015/0.6055 consolidation section. Within the longer run, NZD may proceed to rise; the subsequent stage to look at is 0.6080, UOB Group’s FX analysts Quek Ser Leang and Peter Chia observe.
NZD can proceed to rise
24-HOUR VIEW: “Following the surge in NZD that reached a excessive of 0.6047 two days in the past, we said yesterday, when NZD was at 0.6040, that ‘the sharp rise seems extreme, however so long as NZD holds above 0.6015 (minor assist is at 0.6030), it could check 0.6060 earlier than leveling off.’ We weren’t improper, as NZD rose to 0.6059 earlier than easing to shut at 0.6029 (-0.29%). NZD has possible moved right into a consolidation section. Immediately, we anticipate it to commerce between 0.6015 and 0.6055.”
1-3 WEEKS VIEW: “We proceed to carry the identical view as yesterday (24 Jul, spot at 0.6040). As identified, NZD ‘may proceed to rise, and the subsequent stage to look at is 0.6080.’ We are going to keep the identical view supplied that NZD holds above 0.5985 (no change in ‘sturdy assist’ stage).”
