Analysts at UOB point out that they have held the same view since last Wednesday (07 Mar, spot at 0.7290) that the rebound in NZD “has scope to extend higher towards 0.7350” and this strong resistance was finally tested as NZD hit an overnight high of 0.7355.
“While the odds for a sustained move above this level are not high, we expect NZD to remain underpinned unless there is break back below 0.7265 (key support previously at 0.7220). In the event of a clear break above 0.7350, the focus would shift to 0.7400. At this stage, we do not expect last month’s 0.7437 top to be challenged.”
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