NZD/USD: Further gains likely above 0.6250 – UOB – by pabspiovano NZDUSD Currencies Crosses Banks
is expected to extend the upside on a breakout of the 0.6250 level, according to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: Yesterday, we held the view that “the overbought NZD strength is likely to extend but is unlikely to threaten last month’s high near 0.6250.” Our expectation did not materialize as NZD traded in a range of 0.6178/0.6206. The current price actions are likely part of a consolidation phase.
Next 1-3 weeks: Yesterday , we highlighted that “upward momentum is beginning to build, but NZD has to break and stay above last month’s high near 0.6250 before further advance is likely.” There is no change in our view. The chance of NZD breaking clearly above 0.6250 will remain intact as long as it stays above 0.6125 in the next few days. Information on these pages contains forward-looking statements that involve risks and uncertainties.
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