NZD/USD: Set to test and break above 0.6035 – UOB Group
|The New Zealand Dollar (NZD) must break clearly above 0.6035 before an advance to 0.6055 can be expected, UOB Group FX analysts Quek Ser Leang and Peter Chia note.
Bulls to test 0.6035 in short term
24-HOUR VIEW: “After testing the resistance level at 0.6035 last Friday, NZD pulled back, closing at 0.5997 (-0.30%). Upward pressure has faded, and the current price action is likely part of a sideways trading phase, probably between 0.5980 and 0.6020.”
1-3 WEEKS VIEW: “We highlighted last Tuesday (06 Aug, spot at 0.5975) that ‘the recent price action continues to suggest NZD could recover, possibly towards 0.6035.’ Our view was not wrong as NZD rose to 0.6035 last Friday and then pulled back. While NZD could continue to rise, it must break clearly above 0.6035 before an advance to 0.6055 can be expected. The chance of NZD breaking clearly above 0.6035 is not high for now, but it will remain intact as long as 0.5960 (‘strong support’ level previously at 0.5890) is not breached.”
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.