Chance for the New Zealand Dollar (NZD) to retest the 0.6130 level; the major resistance at 0.6150 is unlikely to come into view. With that said, recovery in NZD could extend to 0.6150, UOB Group analysts Quek Ser Leang and Lee Sue Ann note.
Recovery in NZD may extend to 0.6150
24-HOUR VIEW: “NZD surged to a high of 0.6129 on Wednesday. Yesterday (Thursday), we indicated that ‘there is a chance for NZD to retest the 0.6130 level, even though a sustained break above this level appears unlikely.’ Our view did not turn out, as NZD traded between 0.6101 and 0.6122. Today, we continue to hold the view that there is a chance for NZD to retest 0.6130. The major resistance at 0.6150 is unlikely to come into view. Support is at 0.6100 and 0.6090.”
1-3 WEEKS VIEW: “There is not much to add to our update from yesterday (04 Jul, spot at 0.6105). As indicated, the recent weakness has stabilised, and the current price movements are likely part of a recovery that has potential to extend to 0.6150. A breach of 0.6070 (no change in ‘strong support’ level) would indicate that NZD is not recovering further.”
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