NZD/USD: To trade between 0.5640 and 0.5685 – UOB Group
|
Further range trading is likely, probably between 0.5640 and 0.5685. In the longer run, New Zealand Dollar (NZD) is likely to continue to rise, potentially reaching the major resistance at 0.5750, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
NZD is likely to continue to rise
24-HOUR VIEW: "When NZD was trading at 0.5675 yesterday, we indicated that 'the current price movements are likely part of a range trading phase, probably between 0.5620 and 0.5690.' However, NZD traded in a narrower range of 0.5650/0.5687. Momentum indicators are turning flat, and further range trading is likely, probably between 0.5640 and 0.5685."
1-3 WEEKS VIEW: "Our update from two days ago (21 Jan, spot at 0.5680) remains valid. As highlighted, NZD 'is likely to continue to rise, potentially reaching the major resistance at 0.5750.' Although NZD has not advanced much further, only a break below 0.5620 (‘strong support’ level previously at 0.5600) will invalidate our view."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.