The rebound in the New Zealand dollar (NZD) could extend to 0.6070 before a pause against the US dollar (USD) can be expected; The main resistance at 0.6095 is probably out of reach for now. In the long term, the rapid accumulation of bullish impulse indicates a greater strength of the NZD; The level to be monitored is 0.6095, the FX analysts of UOB Group, quek be Leang and Peter Chia point out.
The rapid accumulation of bullish impulse indicates a greater strength of the NZD
24 -hour vision: “The NZD was negotiated in a range of 0.5948/0.5988 last Friday, closing to a large extent without changes in 0.5971. Yesterday, we affirm that ‘despite the quiet price action, there has been a slight increase in the bullish impulse, and this could lead the NZD to rise to 0.6000 today.’ We add, ‘a clear break above this level seems unlikely.’ We did not expect the sudden rebound that sent the NZD to a maximum of 0.6043. (Minor support at 0.6020) It is probably strong enough to contain any intra -diasty setback. “
Vision at 1-3 weeks: “In our last narrative last Thursday (May 29, Spot in 0.5950), we indicate that ‘the bullish impulse has vanished, and the NZD will probably be negotiated in a range between 0.5900 and 0.6000 for now.’ Yesterday, in a surprise movement, the NZD jumped over 0.6000 and reached 0.6043 before closing in a strong note in 0.6039 (+1.13%).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
