NZD/USD: Extra upside likely above 0.6015 – UOB

Pablo Piovano FXStreet

Further gains in NZD/USD need to clear the 0.6015 level, suggest Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group.

Key Quotes

24-hour view: Yesterday, NZD traded between 0.5944 and 0.5973, narrower than our expected range of 0.5930/0.5985. There is still no clear directional bias, and we continue to expect NZD to trade in a range, probably between 0.5940 and 0.5985.

Next 1-3 weeks: Our update from yesterday (25 Sep, spot at 0.5955) is still valid. As highlighted, while upward momentum has improved slightly, NZD must break and stay above 0.6015 before a sustained advance is likely. The chance of NZD breaking clearly above 0.6015 will remain intact as long as it remains above the ‘strong support’ level, currently at 0.5905.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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