Created
: 2025.06.04
2025.06.04 18:12
New Zealand Dollar (NZD) is likely to consolidate between 0.5985 and 0.6030. In the longer run, rapid buildup in upward momentum indicates further NZD strength; the level to monitor is 0.6095, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
24-HOUR VIEW: "Following the rally in NZD to 0.6043 two days ago, we stated yesterday that 'while deeply overbought, the rally in NZD could extend to 0.6070 before a pause can be expected.' However, after rising to 0.6054, NZD pulled back to 0.5988 before settling at 0.6000 (-0.65%). NZD appears to have entered a consolidation phase, and today, we expect it to trade between 0.5985 and 0.6030."
1-3 WEEKS VIEW: "We revised our NZD outlook to positive yesterday (03 Jun, spot at 0.6040). We indicated the following: 'The rapid buildup in momentum indicates further NZD strength. The level to monitor is 0.6095. We will maintain our view of a stronger NZD as long as 0.5970 is not breached.' While upward momentum has slowed somewhat with the subsequent pullback to 0.5988, only a breach of 0.5970 would indicate that our view was incorrect."
Created
: 2025.06.04
Last updated
: 2025.06.04
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