The New Zealand dollar (NZD) has probably entered a consolidation phase of 0.6015/0.6055. In the long term, the NZD could continue to rise; The next level to be monitored is 0.6080, the FX analysts of UOB Group, quek be Leang and Peter Chia point out.
The NZD can continue to rise
24 -hour vision: “After the increase in the NZD that reached a maximum of 0.6047 two days ago, we affirmed yesterday, when the NZD was at 0.6040, that ‘the strong increase seems excessive, but while the NZD is maintained above 0.6015 (the minor support is at 0.6030), could try 0.6060 before stabilizing.’ We were not wrong, since the NZD rose to 0.6059 before lowering and closing by 0.6029 (-0.29%).
Vision at 1-3 weeks: “We maintain the same opinion as yesterday (July 24, quotation in 0.6040). As noted, the NZD ‘could continue to rise, and the next level to monitor is 0.6080.’ We will maintain the same opinion provided that the NZD is maintained above 0.5985 (without change in the level of ‘strong support’). “
Source: Fx Street
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