- Analytics
- News and Tools
- Market News
- NZD/USD: Extra gains appear likely near term – UOB
NZD/USD: Extra gains appear likely near term – UOB
In the view of UOB Group’s Markets Strategist Quek Ser Leang and Economist Lee Sue Ann, NZD/USD needs to clear 0.6055 to allow for further gains in the near term.
Key Quotes
24-hour view: On Tuesday, NZD jumped to a high of 0.6013. Yesterday (Wednesday), when NZD was trading at 0.6000, we indicated that “there is scope for NZD to rise further.” We also indicated that NZD “is unlikely to break clearly above 0.6055.” Our view turned out to be correct as NZD rose to 0.6055 before easing off to end the day at 0.6023 (+0.25%). Upward pressure has eased somewhat, and NZD is unlikely to rise further. Today, NZD is more likely to trade in a sideways range of 0.5980/0.6045.
Next 1-3 weeks: Our update from yesterday (15 Nov, spot at 0.6000) still stands. As highlighted, while we expect NZD to strengthen further, it has to break clearly above 0.6055 before an advance to 0.6100 is likely. Note that NZD rose briefly to 0.6055 in NY trade before pulling back. The chance of NZD breaking clearly above 0.6055 will remain intact as long as it stays above 0.5920 (‘strong support’ level was at 0.5900 yesterday).
© 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
