Created
: 2024.09.25
2024.09.25 18:33
Surge in momentum is likely to lead to further New Zealand Dollar (NZD) strength to 0.6380; 0.6410 is unlikely to come under threat. NZD is expected to continue to head higher, potentially to 0.6410, UOB Group FX strategists Quek Ser Leang and Peter Chia note.
24-HOUR VIEW: "After NZD rose sharply two days ago, we indicated yesterday that "the increase in momentum suggests further NZD strength towards 0.6290." We added, "the major resistance at 0.6310 is unlikely to come into view." NZD rose more than expected, soaring to a high of 0.6343 in late NY trade before continuing to rise in Asian trade today. The surge in momentum is likely to lead to further advance in NZD even though the major resistance at 0.6410 is unlikely to come under threat. The minor resistance at 0.6380 appears to be within reach. Support is at 0.6330, a breach of 0.6310 would suggest that NZD is not advancing further."
1-3 WEEKS VIEW: "Yesterday (24 Sep, spot at 0.6265), we turned positive in NZD, indicating that it "could head higher to 0.6310, but at this time, the probability of it breaking clearly above this level is not high." We added, "only a breach of 0.6215 ('strong support' level) would mean that the current buildup in upward momentum has eased." Our view of a higher NZD was not wrong, but we did not anticipate the rapid manner in which it broke above 0.6310 and soared to 0.6343. We continue to expect a higher NZD, aiming for an advance to 0.6410. On the downside, the 'strong support' level has moved higher 0.6270."
Created
: 2024.09.25
Last updated
: 2024.09.25
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