to retest the 0.6260 region in the short-term horizon, note Economist Lee Sue Ann and Markets Strategist Quek ser Leang at UOB Group.24-hour view: The strong surge in NZD that sent it to a high of 0.6236 in NY trade came as a surprise . The sharp and swift rise appears to be overdone and NZD is unlikely to advance much further. Today, NZD is more likely to trade in a range of 0.6150/0.6230.
Next 1-3 weeks: Yesterday , we highlighted that “there is room for NZD to strengthen further even though it must break clearly above 0.6180 before further sustained advance is likely”. We added, “Looking ahead, 0.6230 is a solid resistance and NZD might find this level difficult to break”. We did not anticipate the manner in which NZD lifted off and surged to a high of 0.6236 in NY trade. NZD is likely to advance further. The next level to watch is 0.6265. On the downside, a breach of 0.
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