Created
: 2024.09.27
2024.09.27 19:16
The New Zealand Dollar (NZD) could continue to rise but is unlikely to break above 0.6355. In the longer run, to continue to advance, NZD must break clearly above 0.6355, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
24-HOUR VIEW: "After NZD fell sharply on Wednesday, we indicated yesterday that it 'could continue to decline, but it is unlikely to challenge the major support at 0.6200.' Our view was incorrect, as NZD rose instead, reaching a high of 0.6332. While NZD could continue to rise, lackluster momentum suggests it is unlikely to break above 0.6355 (there is another resistance at 0.6340). Support is at 0.6300, followed by 0.6275."
1-3 WEEKS VIEW: "We turned neutral in NZD yesterday (26 Sep, 0.6260), indicating that it 'is likely to trade between 0.6200 and 0.6340.' We did not expect NZD to rise and approach 0.6340 as quickly (high has been 0.6332). Despite the advance, upward momentum has not increased much. To continue to advance, NZD must break clearly above 0.6355. The probability of NZD breaking clearly above 0.6355 seems low for now, but it will remain intact as long as 0.6240 is not breached in the next few days."
Created
: 2024.09.27
Last updated
: 2024.09.27
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy