Provided that 0.5700 holds, New Zealand Dollar (NZD) could rise and test 0.5760 vs US Dollar (USD); the major resistance at 0.5775 is unlikely to come into view. In the longer run, there has been no further increase in upward momentum; a break of 0.5660 would mean that the recovery is not reaching 0.5775, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Major resistance at 0.5775 is unlikely to come into view
24-HOUR VIEW: "Following Tuesday’s price action, we indicated yesterday (Wednesday) that 'momentum indicators are turning neutral,' and we expected NZD to 'trade in a 0.5675/0.5735 range.' However, after dipping to 0.5698, NZD rose to a high of 0.5742. Despite advancing, NZD has not gained much momentum. That said, provided 0.5700 (minor support is at 0.5715) holds, NZD could rise and test the 0.5760 level. The major resistance at 0.5775 is unlikely to come into view."
1-3 WEEKS VIEW: "We highlighted on Tuesday (11 Mar, spot at 0.5695) that the recent price action did not result 'in any increase in momentum,' and a break of 0.5660 (‘strong support’ level) would mean that the recovery is not reaching 0.5775.” Since then, NZD has traded mostly sideways, and our view remains unchanged."
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