- Analytics
- News and Tools
- Market News
- NZD/USD: Further upside not favoured for the time being – UOB
NZD/USD: Further upside not favoured for the time being – UOB
In the view of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, NZD/USD is now likely to trade within a range bound theme.
Key Quotes
24-hour view: Yesterday, we indicated that NZD “is likely to break above 0.5945.” However, we held the view that it “does not appear to have enough momentum to threaten the next major resistance at 0.6010. While our view turned out to be correct as NZD rose to 0.5985 in NY trade, we did not anticipate the sharp selloff from the high. The sharp drop from the high has room to extend, but a sustained drop below 0.5900 appears unlikely. Resistance is at 0.5945, followed by 0.5965.
Next 1-3 weeks: We expected NZD to trade in a range of 0.5860/0.5960 for more than a week, until yesterday (20 Sep, spot at 0.5945), when we indicated that “the resistance at 0.5960 is likely to give way, and NZD is likely to trade with an upward bias towards 0.6010.” NZD then rose sharply, but briefly, to 0.5985 before dropping back down. The momentum buildup has eased, and the upward bias has faded. To put it another way, NZD is likely to trade in a range for now, probably between 0.5870 and 0.5985.
© 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
