The New Zealand Dollar (NZD) could test the resistance at 0.6370 before the risk of a pullback increases; a sustained break above this level is unlikely. In the longer run, NZD is likely to rise above 0.6370; it is unclear if there is sufficient momentum for it to reach 0.6410, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
Can try testing the resistance at 0.6370
24-HOUR VIEW: “Our view for NZD to ‘continue to rise’ last Friday was correct, but we did not expect it to break above 0.6355 (high has been 0.6367). The rapid rise seems to be overdone, but NZD could test the resistance at 0.6370 before the risk of a pullback increases. A sustained break above 0.6370 is unlikely today. To maintain the momentum, NZD must remain above 0.6305 with minor support at 0.6325.”
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