- Analytics
- News and Tools
- Market News
- NZD/USD: Upside bias diminished below 0.6840 – UOB
NZD/USD: Upside bias diminished below 0.6840 – UOB
In opinion of FX Strategists at UOB Group, further upside in NZD/USD is likely while above 0.6840 for the time being.
Key Quotes
24-hour view: “We highlighted yesterday that NZD ‘could rise to 0.6925 but a sustained advance above this level is unlikely’. NZD subsequently rose to 0.6922 before easing off. Upward momentum has waned somewhat and this coupled with overbought conditions suggests NZD is unlikely to advance further. From here, there is a slight downward bias but any weakness is viewed as part of a lower trading range of 0.6855/0.6910. In other words, a clear break of 0.6855 is unlikely.”
Next 1-3 weeks: “Last Friday (18 Mar, spot at 0.6895), we highlighted that further NZD strength is likely and a break of 0.6925 would shift the focus to 0.6950. Yesterday (21 Mar, spot 0.6905), NZD rose to 0.6922 before pulling back. Shorter-term upward momentum has waned somewhat but only a breach of 0.6840 (no change in ‘strong support’ level) would indicate that NZD is not ready to rise above 0.6925.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
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 pr@teletrade.global.
Bank transfers
