The New Zealand Dollar (NZD) could continue to rise but is unlikely to break above 0.6355. Long term, to continue advancing, the NZD must break clearly above 0.6355, say UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.
To advance, NZD must break above 0.6355
24 HOUR VIEW: “After the NZD fell sharply on Wednesday, we indicated yesterday that ‘it could fall further but is unlikely to challenge the main support at 0.6200.’ Our view was wrong, as the NZD rose instead, peaking at 0.6332. Although the NZD could continue to rise, the lackluster momentum suggests it is unlikely to break above 0.6355 (there is another resistance at that). 0.6340). Support is at 0.6300, followed by 0.6275.”
1-3 WEEK VIEW: “We turned neutral on the NZD yesterday (September 26, 0.6260), indicating that ‘it is likely to trade between 0.6200 and 0.6340.’ We did not expect the NZD to rise and approach 0.6340 so quickly (the high has been 0.6332). 0.6355. The probability of the NZD breaking clearly above 0.6355 seems low for now, but will remain intact as long as the 0.6240 level is not broken in the coming days.”
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.
