Leading FX analysts at UOB Group, Quek Ser Leang and Lee Sue Ann, have identified a potential uptrend in the New Zealand Dollar (NZD) based on recent price action.
NZD Can Recover to 0.6035
24-Hour View: Yesterday’s prediction of NZD rising to 0.6010 did not materialize as the currency traded within a range of 0.5912 to 0.5979, closing at 0.5954 (+0.25%). Despite this, there is still room for NZD to rise with the next resistance level at 0.6035. Support levels are identified at 0.5950 and 0.5935.
1-3 Weeks View: The analysis remains consistent with the previous day’s outlook, indicating a potential recovery in NZD towards 0.6035. A break below 0.5890 would suggest a halt in the currency’s upward momentum.
Analysis:
The forecast for NZD points to a possible recovery to 0.6035, presenting a trading opportunity for investors looking to capitalize on this trend. Traders should monitor support levels at 0.5950 and 0.5935 to gauge the currency’s strength. Overall, a breach of 0.5890 would signal a shift in the market sentiment towards NZD.