New Zealand Dollar (NZD) is likely to trade with an upward bias against US Dollar (USD); the major resistance at 0.6095 is likely out of reach. In the longer run, upward momentum remains largely unchanged, but there is a chance for NZD to test 0.6095, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Major resistance at 0.6095 is likely out of reach
24-HOUR VIEW: "NZD rose to 0.6066 two days ago. Yesterday, we noted that “while there has been no significant increase in momentum, NZD may test the 0.6070 level before levelling off.” Our expectation did not materialise as NZD traded in a range of 0.6029/0.6059, closing little changed at 0.6054 (+0.07%). We continue to detect a firm underlying tone and expect NZD to trade with an upward bias today. That said, the major resistance at 0.6095 is likely out of reach (there is another resistance level at 0.6070). Support is at 0.6040 and 0.6030."
1-3 WEEKS VIEW: "We revised our NZD view to positive last Tuesday (03 Jun, spot at 0.6040), indicating that 'the rapid buildup in upward momentum indicates further NZD strength, and the level to monitor is 0.6095.' After NZD rose to 0.6088, we highlighted last Friday (06 Jun, spot at 0.6045) that upward momentum remains largely unchanged, but as long as 0.5985 (‘strong support’ level) is not breached, there is a chance for NZD to test 0.6095.' Yesterday, we revised the ‘strong support’ level to 0.6000. Today, the ‘strong support’ level has edged up to 0.6010."
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