NZD/USD: Upside momentum loses some traction – UOB – by pabspiovano NZDUSD Banks Currencies Crosses
24-hour view: After NZD rose to a high of 0.6247 and pulled back, we indicated yesterday that “the pullback in overbought conditions suggests NZD is unlikely to rise much further” and we expected it to “trade sideways between 0.6205 and 0.6245.” However, NZD edged to a low of 0.6192. While downward momentum has hardly increased, NZD could continue to edge lower. That said, any decline is unlikely to break below the strong support at 0.6180. Resistance is at 0.6215; if NZD breaks above 0.
Next 1-3 weeks: We turned positive in NZD more than a week ago. In our latest narrative from last Thursday , we held the view that NZD “is likely to advance further and the next level to watch is 0.6265.” Yesterday , NZD edged to a low of 0.6192. Upward momentum is beginning to slow and a break of the ‘strong support’ at 0.6180 would suggest 0.6265 is out of reach this time around. Information on these pages contains forward-looking statements that involve risks and uncertainties.
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