- Analytics
- News and Tools
- Market News
- NZD/USD could extend the recovery to 0.6035 – UOB
NZD/USD could extend the recovery to 0.6035 – UOB
UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang argue that there is scope for NZD/USD to extend the recovery further north of the 0.6000 threshold in the near term.
Key Quotes
24-hour view: While we expected NZD to rise further yesterday, we indicated that “in view of the overbought conditions, the chance of NZD breaking clearly above 0.5995 is not high.” NZD rose more than expected to 0.6004. However, it pulled back sharply from the high and closed at 0.5956 (-0.28%). Upward pressure has faded, and NZD is unlikely to rise further. Today, NZD is more likely to trade sideways between 0.5925 and 0.5985.
Next 1-3 weeks: Our update from yesterday (30 Aug, spot at 0.5960) still stands. As highlighted, there is a tentative buildup in momentum. If NZD breaks and stays above 0.5995, it is likely to advance to 0.6035. Note that while NZD broke above 0.5995 in NY trade, it fell sharply from the high. Overall, only a breach of the 0.5900 (no change in ‘strong support’ level) would indicate that the upside risk has dissipated.
© 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
