NZD/USD: Can potentially rise to 0.5790 – UOB Group
|New Zealand Dollar (NZD) is likely to trade between 0.5710 and 0.5745 vs US Dollar (USD). In the longer run, price action suggests further NZD strength, potentially to 0.5790, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Price action suggests further NZD strength
24-HOUR VIEW: "When NZD was at 0.5730 yesterday, we highlighted that it 'could test 0.5755 before levelling off.' We also highlighted that 'the major resistance at 0.5790 is unlikely to come under threat.' NZD rose less than expected to 0.5750 before easing off to close at 0.5738 (+0.09%). NZD has likely entered a range trading phase and is likely to trade between 0.5710 and 0.5745 today."
1-3 WEEKS VIEW: "We turned positive in NZD yesterday (17 Feb, spot at 0.5730), indicating that 'the price action suggests further NZD strength, potentially to 0.5790.' There is no change in our view. To sustain the buildup in momentum, NZD must remain above 0.5675 (‘strong support’ level was at 0.5665 yesterday). Meanwhile, it could trade in a range for a couple of days."
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