Market news
08.11.2024, 10:38

NZD/USD: Can edge higher to 0.6075 – UOB Group

Instead of continuing to advance, the New Zealand Dollar (NZD) is more likely to trade in a 0.5980/0.6040 range. In the longer run, upward momentum is building tentatively; NZD could edge higher to 0.6075, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

NZD likely to trade in a 0.5980/0.6040 range

24-HOUR VIEW: “Yesterday, we highlighted that NZD ‘could drop to 0.5900 before the risk of a more sustained recovery increases.’ However, NZD rebounded from a low of 0.5933 to 0.6037, closing sharply higher by 1.41% at 0.6023. The sharp rebound appears to be running ahead of itself, and instead of continuing to advance, NZD is more likely to trade in a 0.5980/0.6040 range.”

1-3 WEEKS VIEW: “NZD dropped to a 3-month low of 0.5912 two days ago. Yesterday (07 Nov), when NZD was at 0.5935, we highlighted that ‘Although the increase in momentum indicates further NZD weakness, conditions remain oversold due to the recent month-long decline.’ We pointed out that ‘the potential of any weakness may be limited.’ We also pointed out that ‘as long as 0.6015 is not breached, NZD could drop to 0.5875 before a rebound is likely.’ We did not expect NZD to rebound so quickly and sharply, as it soared to 0.6037. Downward momentum has faded. Upward momentum is beginning to build, albeit tentatively. From here, as long as 0.5955 is not breached, NZD could edge higher to 0.6075. Currently, the chance of a sustained break above this level is not high.”

© 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.

AML Website Summary

Risk Disclosure

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.

Privacy Policy

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
Feedback
Live Chat E-mail
Up
Choose your language / location