The New Zealand Dollar (NZD) shows strong momentum, indicating potential for further strength despite facing resistance at 0.6120. UOB Group FX analysts Quek Ser Leang and Lee Sue Ann predict.
Closest support at 0.6005
In the short term, NZD exceeded expectations by breaking above 0.6035 and 0.6055, reaching a high of 0.6082 and closing at 0.6077 (+0.98%). Although overbought, strong momentum suggests continued NZD strength, but reaching 0.6120 resistance may be challenging. To sustain momentum, NZD must stay above 0.6025 (with minor support at 0.6055).
Looking ahead 1-3 weeks, a positive outlook on NZD remains, with a recent surge to 0.6082 reinforcing its strength. Despite facing resistance at 0.6120, as long as the strong support at 0.6005 remains unbroken, the positive view on NZD will persist.
Analysis: The NZD is showing strong momentum and potential for further strength in the near future. Investors should watch for key resistance levels at 0.6120 and support at 0.6005 to gauge the currency’s performance. It is advisable to monitor these levels closely to make informed investment decisions.