NZD/USD: There is still room for a move above 0.6100 – UOB

Pablo Piovano FXStreet

In light of the recent price action. NZD/USD could still advance to the 0.6170 region, noted FX Strategists at UOB Group.

Key Quotes

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.”

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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