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- NZD/USD could extend the upside to 0.6940 – UOB
NZD/USD could extend the upside to 0.6940 – UOB
FXStreet reports that in opinion of FX Strategists at UON Group, NZD/USD is likely to re-visit the 0.6940 level in the next weeks.
Next 1-3 weeks: “Last Friday, we highlighted that ‘risk of a break of 0.6800 has increased’ and that ‘if NZD can close above this level, it could advance further to 0.6830, possibly 0.6880’. When NZD closed above 0.6800, we indicated on Tuesday (11 Nov, spot at 0.6825), that ‘next level to focus on is at 0.6880 but overbought shorter-term conditions could lead to a few days of consolidation first’. NZD blew past 0.6880 yesterday (11 Nov) and surged to a high of 0.6904. While overbought, the rally is accompanied by strong momentum and NZD could strengthen further to the next major resistance at 0.6940. All in, only a break of 0.6800 (‘strong support’ level previously at 0.6740) would indicate that the current rally has run its course.”
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