NZD/USD: Further upside favoured on a close above 0.6365 – UOB


NZD/USD could extend the upside bias once 0.6365 is cleared, note FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.

Key Quotes

24-hour view: “We expected NZD to ‘trade within a range of 0.6240/0.6320’ yesterday. However, NZD rose to a high of 0.6352 before closing on a firm note at 0.6332 (+0.66%). Further NZD strength is not ruled but as upward momentum is not exactly strong, a break of 0.6365 is unlikely. Support is at 0.6310 followed by 0.6290.”

Next 1-3 weeks: “Yesterday (01 Aug, spot at 0.6290), we shifted from a positive to neutral view on NZD and expected it to trade between 0.6210/0.6340. We did not expect the rapid manner by which NZD rose above 0.6340 (high of 0.6352). Shorter-term upward momentum has improved somewhat but NZD has to break 0.6365 first before further advance is likely. The chance for NZD to break 0.6365 would remain intact as long as it does not move below 0.6260 within these couple of days. Looking ahead, the next resistance above 0.6365 is at 0.6395.”

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

AUD/USD stays pressured toward 0.6400; US NFP awaited

AUD/USD stays pressured toward 0.6400; US NFP awaited

AUD/USD maintains offered tone toward 0.6400 in Friday's Asian trading. The pair faces headwinds from a borad US Dollar rebound amid souring risk sentiment on geopolitics. Rising bets for early RBA rate cuts and China's economic woes add to the pair's downside. US NFP data is next in focus. 

AUD/USD News
USD/JPY drops back below 150.00, looks to US NFP

USD/JPY drops back below 150.00, looks to US NFP

USD/JPY drops back below150.00 early Friday, breaking its range play amid a slight deterioration in risk sentiment. Traders seem reluctant amid wavering expectations that the BoJ will deliver a rate hike later this month and ahead of the crucial US NFP report.

USD/JPY News
Gold’s path of least resistance appears down as US Nonfarm Payrolls data looms

Gold’s path of least resistance appears down as US Nonfarm Payrolls data looms

Gold's price extends the previous decline to reach a fresh eight-day low near $2,615 early Friday. Gold traders now look forward to the all-important Nonfarm Payrolls data for fresh impetus.

Gold News
Ripple's XRP to feature in Nasdaq-listed Worksport’s corporate treasury

Ripple's XRP to feature in Nasdaq-listed Worksport’s corporate treasury

Ripple's XRP is down 5% on Thursday following an announcement from Tonneau cover manufacturer Worksport that it would add the remittance-based token as part of its corporate treasury.

Read more
What is NFP and how does it affect the Forex market?

What is NFP and how does it affect the Forex market? Premium

NFP is the acronym for the Nonfarm Payrolls report, a compilation of data reflecting the employment situation in the United States (US). It shows the total number of paid workers, excluding those employed by farms, the federal government, private households, and nonprofit organisations.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures