NZD/USD is now focused on 0.6700 – UOB
According to FX Strategists at UOB Group, NZD/USD is now targeting the 0.6700 region in the near-term.
Key Quotes
24-hour view: “While our view for NZD to strengthen yesterday was correct, our expectation that ‘0.6670 could be out of reach’ was not quite right as NZD popped to a high of 0.6689 before easing off. The combination of overbought conditions and sign of slowing momentum suggests NZD is likely to consolidate and trade sideways. Expected range for today, 0.6630/0.6690.”
Next 1-3 weeks: “After trading between 0.6500 and 0.6600 since early this month, NZD took off suddenly and soared to a high of 0.6650. The break-out of the consolidation range has room to run further and the level to focus on is at 0.6700. Overall, compared to other major currency pairs, the momentum in NZD against USD is not as strong but is expected to improve unless NZD moves below 0.6565.”
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.