The conditions are still overcompra; Instead of climbing, the New Zealand dollar (NZD) is more likely to operate in a range between 0.5960 and 0.6020 against the US dollar (USD). In the long term, for a sustained advance, the NZD must break and stay above 0.6030, the FX analysts of UOB Group, quek be Leang and Peter Chia.
The conditions are still overcomp
24 -hour vision: “While we expected the NZD ‘to rise more’ yesterday, we point out that ‘due to deep overcompra conditions, any advance is unlikely to reach the main level of resistance at 0.6030.’ However, the NZD tested the level of 0.6030, playing 0.6031 before going back.
Vision 1-3 weeks: “Yesterday, May 26, when the NZD was at 0.5990, we indicated that ‘although there has been an increase in impulse, it is not enough to indicate a increase sustained at the moment.’ We add, ‘for sustained advance, the NZD must break and stay above the significant resistance at 0.6030.’ Subsequently, the NZD rose to 0.6031 before retreating.
Source: Fx Street
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