The New Zealand Dollar (NZD) has a chance to retest the 0.6130 level, according to analysts at UOB Group. The major resistance at 0.6150 is unlikely to come into view, but a recovery in NZD could extend to that level. The 24-hour view suggests that there is a chance for NZD to retest 0.6130, with support at 0.6100 and 0.6090. The 1-3 weeks view indicates that the recent weakness has stabilized, and there is potential for a recovery to extend to 0.6150. However, a breach of 0.6070 would signal that NZD is not recovering further.
In the short term, the NZD may experience a surge to a high of 0.6129, with a chance to retest the 0.6130 level. Despite the major resistance at 0.6150, UOB Group analysts believe that it is unlikely to come into view. Support levels are set at 0.6100 and 0.6090, providing some stability for the NZD. However, a sustained break above 0.6130 may be difficult to achieve in the current market conditions.
Looking ahead to the next 1-3 weeks, the NZD has the potential to continue its recovery and extend to the 0.6150 level. The recent weakness in the currency has stabilized, indicating a possible turnaround in the market sentiment. If NZD is able to maintain its current momentum, it could see further gains in the coming weeks. However, a breach of the strong support level at 0.6070 would suggest that the NZD is not likely to recover beyond its current levels.
Overall, the outlook for the NZD is positive, with potential for a continued recovery towards the 0.6150 level. The currency may face some resistance at 0.6130, but with support levels in place, there is room for further gains. Investors should keep an eye on market conditions and any developments that may impact the NZD’s performance in the short to medium term. Ultimately, the NZD’s ability to retest the 0.6130 level and potentially extend to 0.6150 will depend on a variety of factors, including market sentiment and economic data.
