NZD/USD: Likely to consolidate between 0.6040 and 0.6080 – UOB Group
|New Zealand Dollar (NZD) is likely to consolidate between 0.6040 and 0.6080 against US Dollar (USD). In the longer run, NZD is likely to test the 0.6090 level; it is too early to determine if it can break clearly above this level, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
NZD is likely to test the 0.6090 level
24-HOUR VIEW: "NZD climbed to a high of 0.6075 last Thursday before easing. When NZD was at 0.6060 on Friday, we highlighted that 'there is room for NZD to edge above 0.6075.' However, we were of the view that 'the major resistance at 0.6090 is likely out of reach.' NZD then edged to a high of 0.6077 before easing off to close at 0.6054 (-0.07%). NZD appears to have moved into a consolidation phase, likely between 0.6040 and 0.6080."
1-3 WEEKS VIEW: "In our most recent narrative from last Thursday (26 Jun, spot at 0.6055), we indicated that NZD 'is likely to test the 0.6090, but it is too early to determine if it can break clearly above this level.' While upward momentum has increased somewhat, it is still too early to determine if it can break above 0.6090. On the downside, should NZD break below 0.6000 (no change in ‘strong support’ level), it would indicate that 0.6090 is out of reach."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.