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7 Mar 2014
Flash: NZD/USD outlook bullish - UOB Group
FXStreet (Barcelona) - Quek Ser Leang, Market Strategist at UOB Group notes that the immediate NZD/USD target at 0.8465 is met, and outlook remains bullish for 0.8545 followed by 0.8585.
Key Quotes
“(Previously) we highlighted that the break of the falling trend-line resistant at 0.8395 could lead to further NZD gains. The immediate target at 0.8465 is already met. There is no change to the current bullish view and the focus has shifted to last October’s peak at 0.8545 followed by the falling weekly trend-line resistant at 0.8585.”
“Upward momentum is very strong and with expectations for a possible rate hike in next RBNZ meeting, NZD could potentially move much higher in the weeks ahead. We will reevaluate the bullish view only if there is move back below the key support which is currently at 0.8380.”
Key Quotes
“(Previously) we highlighted that the break of the falling trend-line resistant at 0.8395 could lead to further NZD gains. The immediate target at 0.8465 is already met. There is no change to the current bullish view and the focus has shifted to last October’s peak at 0.8545 followed by the falling weekly trend-line resistant at 0.8585.”
“Upward momentum is very strong and with expectations for a possible rate hike in next RBNZ meeting, NZD could potentially move much higher in the weeks ahead. We will reevaluate the bullish view only if there is move back below the key support which is currently at 0.8380.”