NZD/USD: Short-term upside momentum improves – UOB
In the opinion of FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang, NZD/USD could revisit the area north of the 0.6300 yardstick in the next weeks.
Key Quotes
24-hour view: “NZD dropped to 0.6192 before rising to a high of 0.6261 during NY session. Upward momentum has improved slightly and NZD could advance further. That said, a break of the major resistance at 0.6305 is unlikely (there is another resistance at 0.6275). Support is at 0.6235 but only a breach of 0.6220 would indicate that the current mild upward pressure has eased.”
Next 1-3 weeks: “Shorter-term upward momentum has improved slightly and NZD could rise towards 0.6305 from here. As upward momentum is not strong, a sustained rise above 0.6305 appears unlikely for now. The current mild upward pressure is intact as long as NZD does not move below the ‘strong support’ level at 0.6195.”
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.
