- Analytics
- News and Tools
- Market News
- NZD/USD: Unlikely to break above 0.6355 – UOB Group
NZD/USD: Unlikely to break above 0.6355 – UOB Group
The New Zealand Dollar (NZD) could continue to rise but is unlikely to break above 0.6355. In the longer run, to continue to advance, NZD must break clearly above 0.6355, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
To advance, NZD must break above 0.6355
24-HOUR VIEW: “After NZD fell sharply on Wednesday, we indicated yesterday that it ‘could continue to decline, but it is unlikely to challenge the major support at 0.6200.’ Our view was incorrect, as NZD rose instead, reaching a high of 0.6332. While NZD could continue to rise, lackluster momentum suggests it is unlikely to break above 0.6355 (there is another resistance at 0.6340). Support is at 0.6300, followed by 0.6275.”
1-3 WEEKS VIEW: “We turned neutral in NZD yesterday (26 Sep, 0.6260), indicating that it ‘is likely to trade between 0.6200 and 0.6340.’ We did not expect NZD to rise and approach 0.6340 as quickly (high has been 0.6332). Despite the advance, upward momentum has not increased much. To continue to advance, NZD must break clearly above 0.6355. The probability of NZD breaking clearly above 0.6355 seems low for now, but it will remain intact as long as 0.6240 is not breached in the next few days.”
© 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
