NZD/USD upside could test 0.7485 – UOB
|In opinion of the research team at UOB Group, NZD/USD could extend its bullish momentum to the 0.7480 area in the next weeks.
Key Quotes
“NZD spiked to a high of 0.7378 in late-NY but the subsequent rapid pull-back suggests limited upside risk for today. A retest of 0.7375/80 would not be surprising but 0.7410 is expected to hold for NZD to move back lower towards 0.7315/20”.
“The rebound from last week’s 0.7235 low has been more robust and resilient than expected. While the near-term outlook is deemed as neutral, the current recovery could extend higher to test the 0.7485 high seen earlier this month (0.7410 is acting as a strong intervening resistance). At this stage, a sustained move above this level appears unlikely”.
“Overall, the current positive undertone for NZD is intact unless there is a move back below 0.7280 within the next few days”.
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.