NZD/USD: Upside bias intact above 0.6145 – UOB
|According to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, the positive outlook for NZD/USD remains unchanged above the 0.6145 level for the time being.
Key Quotes
24-hour view: “We expected NZD to edge higher yesterday but we were of the view that it ‘is unlikely to break the major resistance at 0.6200’. However, NZD took out 0.6200 and surged to 0.6250. Upward momentum is strong and we expect NZD to rise further. That said, overbought conditions suggest 0.6300 could be out of reach today. Support is at 0.6220, followed by 0.6190.”
Next 1-3 weeks: “Our latest narrative was from last Friday (18 Nov, spot at 0.6135) where NZD is likely to consolidate and trade within a range of 0.6035/0.6200. Yesterday (23 Nov), NZD surged above 0.6200. The price actions indicate that the consolidation phase has ended. In other words, we anticipate NZD gains from here, likely to 0.6200, possibly 0.6240. The upside risk is intact as long as NZD does not move below 0.6145 (‘strong support’ level).”
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.