In light of the recent price action. NZD/USD could still advance to the 0.6170 region, noted FX Strategists at UOB Group.
24-hour view: “NZD soared to an overnight high of 0.5986. The firm daily closing in NY (0.5962) suggests there is room for further NZD strength towards 0.6050. This level is a strong resistance and may not yield so easily (next resistance is at 0.6080). Support is at 0.5930 followed by 0.5900.”
Next 1-3 weeks: “The strong +1.89% surge in NZD yesterday came as a surprise. The price action suggests that last week’s 0.5469 low is short-term bottom. The current recovery has room to extend to 0.6150. On the downside, only a break of 0.5840 (‘strong support’ level) would indicate the current upward pressure has eased.”
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