FX Strategists at UOB Group expect the Kiwi Dollar to remain sidelined in the next weeks. Key Quotes 24-hour view: “Instead of trading sideways (as expected last Friday), NZD surged to hit a high of 0.6920. The up-move appears to have scope to test the major 0.6945 resistance but a sustained move above this level is not expected (next resistance is at 0.6975). On the downside, only a move back below 0.6860 would indicate that the current mild upward pressure has eased (minor support at 0.6890)”. Next 1-3 weeks: “Despite the sharp decline in NZD for most of last week, we held the view that only a “NY close below 0.6850″ would indicate that NZD has moved into a bearish phase. NZD hit a low 0.6821 on Thursday (21 Jun) before rebounding to close well above 0.6850. After the second straight day of strong gains on Friday, downward pressure has eased and the risk of a shift to a bearish phase has diminished. That said, it is premature to expect a sustained up-move as NZD is more likely to consolidate its recent loss and trade sideways at these lower levels, likely between 0.6840 and 0.6975″. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Litecoin Technical Analysis: LTC/USD forms a bull flag pattern, paving the way for a near-term spike higher, bulls appear as ready to charge FX Street 3 years FX Strategists at UOB Group expect the Kiwi Dollar to remain sidelined in the next weeks. Key Quotes 24-hour view: "Instead of trading sideways (as expected last Friday), NZD surged to hit a high of 0.6920. The up-move appears to have scope to test the major 0.6945 resistance but a sustained move above this level is not expected (next resistance is at 0.6975). On the downside, only a move back below 0.6860 would indicate that the current mild upward pressure has eased (minor support at 0.6890)". Next 1-3 weeks: "Despite the sharp decline in NZD for most of last week,… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
