As long as 0.5955 is not breached, the New Zealand Dollar (NZD) could edge higher to 0.6075, UOB Group FX analysts Quek Ser Leang and Peter Chia note.
The next level to watch is 0.5955
24-HOUR VIEW: “Yesterday, we highlighted that NZD ‘could drop to 0.5900 before the risk of a more sustained recovery increases.’ However, NZD rebounded from a low of 0.5933 to 0.6037, closing sharply higher by 1.41% at 0.6023. The sharp rebound appears to be running ahead of itself, and instead of continuing to advance, NZD is more likely to trade in a 0.5980/0.6040 range.”
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