- Analytics
- News and Tools
- Market News
- NZD/USD: Crawling towards the 0.6320 resistance – UOB Group
NZD/USD: Crawling towards the 0.6320 resistance – UOB Group
New Zealand Dollar (NZD) is expected to continue to advance; it remains to be seen if the y-t-d high of 0.6320 is within reach, UOB Group analysts Quek Ser Leang and Lee Sue Ann note.
NZD targets 0.6320
24-HOUR VIEW: “After NZD rose two days ago, we indicated yesterday that ‘despite the relatively sharp advance, upward momentum has not increased much.’ We held the view that ‘provided that 0.6215 is not breached, NZD could test 0.6265 before the advance might pause.’ NZD subsequently rose to 0.6254, closing at 0.6246 (-0.11%). The underlying tone still seems firm, and we continue to see chance for NZD to test 0.6265. A sustained rise above this level appears unlikely. Support levels are at 0.6235 and 0.6220.”
1-3 WEEKS VIEW: “Two days ago (26 Aug, spot at 0.6230), we highlighted that while we continue to expect NZD to advance, conditions are severely overbought, and it remains to be seen if the year-to-date high of 0.6320 is within reach. There is no change in our view. On the downside, should NZD break below 0.6180 (no change in ‘strong support’ level), it would indicate that NZD is not strengthening further.”
© 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
