New Zealand Greenback (NZD) is anticipated to proceed to advance; it stays to be seen if the y-t-d excessive of 0.6320 is inside attain, UOB Group analysts Quek Ser Leang and Lee Sue Ann observe.
NZD targets 0.6320
24-HOUR VIEW: “After NZD rose two days in the past, we indicated yesterday that ‘regardless of the comparatively sharp advance, upward momentum has not elevated a lot.’ We held the view that ‘offered that 0.6215 isn’t breached, NZD might check 0.6265 earlier than the advance would possibly pause.’ NZD subsequently rose to 0.6254, closing at 0.6246 (-0.11%). The underlying tone nonetheless appears agency, and we proceed to see likelihood for NZD to check 0.6265. A sustained rise above this stage seems unlikely. Help ranges are at 0.6235 and 0.6220.”
1-3 WEEKS VIEW: “Two days in the past (26 Aug, spot at 0.6230), we highlighted that whereas we proceed to anticipate NZD to advance, circumstances are severely overbought, and it stays to be seen if the year-to-date excessive of 0.6320 is inside attain. There is no such thing as a change in our view. On the draw back, ought to NZD break under 0.6180 (no change in ‘robust help’ stage), it will point out that NZD isn’t strengthening additional.”
