Leading FX analysts Quek Ser Leang and Peter Chia from UOB Group have identified a key level that the New Zealand Dollar (NZD) must surpass in order to potentially see a rise to 0.6055.
Bulls Eyeing 0.6035 in the Short Term
24-HOUR VIEW: Following a test of the resistance level at 0.6035, NZD experienced a slight pullback, closing at 0.5997 (-0.30%). The current price action suggests a sideways trading phase, with potential levels between 0.5980 and 0.6020.
1-3 WEEKS VIEW: Previous analysis indicated the possibility of NZD recovering towards 0.6035, which was achieved last Friday before a retracement. In order for NZD to advance to 0.6055, it must break decisively above 0.6035. While the likelihood of this happening is not high at the moment, as long as the strong support level at 0.5960 (previously at 0.5890) holds, the potential for an upward move remains.
Expert Analysis
Overall, the outlook for NZD suggests a cautious approach, with a focus on the critical level of 0.6035. Traders and investors should monitor the price action closely and be prepared for potential movements based on the breakout or rejection at this key level.