NZD/USD: Extra advances remain in the pipeline – UOB
In the opinion of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, NZD/USD could still edge higher in the short term.
Key Quotes
24-hour view: NZD soared to a high of 0.6207 yesterday, but the advance was short-lived. The rapid pullback in overbought conditions suggests NZD is unlikely to advance further. Today, NZD is more likely to consolidate in a range of 0.6120/0.6185.
Next 1-3 weeks: Yesterday, NZD soared to a 4-month high of 0.6207 before pulling back sharply. Further NZD strength appears likely, but it might not have enough momentum to break the formidable resistance at 0.6225 (this level is near the top of the weekly Ichimoku cloud). On the downside, if NZD breaks below the ‘strong support’ level (now at 0.6080), it would mean that it is not ready to break 0.6225
Reprinted from FXStreet_id,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.