As the New Zealand Dollar (NZD) continues to show strength, experts at UOB Group, including FX strategists Quek Ser Leang and Lee Sue Ann, are not ruling out further upward movement. However, the key question remains – can the NZD break through the solid resistance level at 0.5990?
Bears Push Towards 0.5890
Looking at the 24-hour view, analysts note that there is a mild upward pressure on the NZD. Despite hitting a high of 0.5961 in late NY trade, breaking through the strong resistance level at 0.5930, the real challenge lies ahead at 0.5990. Support levels are currently at 0.5935 and 0.5920.
For the 1-3 weeks view, experts highlight a shift from negative to positive sentiment towards the NZD. With the currency breaking above the strong resistance level of 0.5930, the current price action signals a potential recovery phase. As long as the NZD remains above 0.5890, a further recovery towards 0.5990 is possible.
Analysis and Breakdown
For the average investor or trader, understanding the potential movements of the NZD can have significant implications on their financial decisions. With the currency showing strength and breaking key resistance levels, there may be opportunities for profitable trades or investments in the near future. However, it is important to closely monitor support and resistance levels to make informed decisions. In conclusion, keeping an eye on the NZD and its performance against these levels can help individuals make smarter financial choices and potentially capitalize on market movements.