Additional upside momentum might raise NZD/USD to the 0.6600 area within the subsequent weeks, famous FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.
Key Quotes
24-hour view: “We highlighted yesterday that ‘robust upward momentum is prone to result in additional NZD energy however count on robust resistance at 0.6570’. NZD subsequently rose to 0.6560. Whereas upward momentum has not improved by a lot, NZD might advance additional despite the fact that a sustained rise above 0.6570 is unlikely. For immediately, the key resistance at 0.6600 will not be anticipated to come back into the image. Assist is at 0.6535 adopted by 0.6520.”
Subsequent 1-3 weeks: “There may be not a lot so as to add to our replace from yesterday (30 Might, spot at 0.6530). As highlighted, the latest worth actions counsel NZD might strengthen additional to 0.6600. Total, solely a breach of 0.6490 (‘robust assist’ degree was at 0.6470 yesterday) would point out that the NZD energy that began early final week (see annotations within the chart under) has run its course.”
