Leading financial analysts Quek Ser Leang and Lee Sue Ann from UOB Group are predicting that the New Zealand Dollar (NZD) will continue its upward trend, with the possibility of reaching the year-to-date high of 0.6320.
NZD Targets 0.6320
24-Hour View: Despite a recent increase in NZD value, the momentum has not significantly risen. As long as the currency does not fall below 0.6215, NZD could potentially reach 0.6265 before hitting a temporary pause. The current outlook suggests a strong tone, with a chance for NZD to test 0.6265. However, a sustained rise above this level is unlikely. Key support levels are at 0.6235 and 0.6220.
1-3 Weeks View: With NZD currently at 0.6230, analysts are cautious about the overbought conditions but maintain their expectation for further advancement. The focus is on whether NZD can surpass the year-to-date high of 0.6320. A break below 0.6180 would indicate a halt in NZD’s upward trajectory.
Analysis:
The New Zealand Dollar is projected to continue strengthening, with a potential target of 0.6320 in the near future. Investors should monitor key support levels and be prepared for fluctuations in the currency’s value. A break below 0.6180 could signal a shift in market sentiment and impact investment decisions. Stay informed and stay ahead in the ever-changing financial landscape.