FXStreet reports that FX Strategists at UOB Group suggest that NZD/USD now faces some consolidation in the 0.6920-0.7030 band in the next weeks.
24-hour view: “NZD subsequently dipped to 0.6949 before staging a surprisingly robust advance (high of 0.7010 during NY session). Upward momentum has improved, albeit not by much. NZD could strengthen further but is unlikely to break the major resistance at 0.7030 (minor resistance is at 0.7015).”
Next 1-3 weeks: “We continue to hold the same view from last Friday (23 Jul, spot at 0.6975) where NZD is likely trade within a 0.6920/0.7030 range for a period of time. While shorter-term upward momentum is beginning to improve, NZD has to close above 0.7030 before a sustained advance can be expected. The prospect for NZD to close above 0.7030 is not high but it would remain intact as long as NZD does not move below 0.6960 within these few days.”
© 2000-2021. All rights reserved.
This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at firstname.lastname@example.org.