The New Zealand Dollar (NZD) could continue to rise but is unlikely to break above 0.6355. In the longer run, to continue to advance, NZD must break clearly above 0.6355, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.

To advance, NZD must break above 0.6355

24-HOUR VIEW: “After NZD fell sharply on Wednesday, we indicated yesterday that it ‘could continue to decline, but it is unlikely to challenge the major support at 0.6200.’ Our view was incorrect, as NZD rose instead, reaching a high of 0.6332. While NZD could continue to rise, lackluster momentum suggests it is unlikely to break above 0.6355 (there is another resistance at 0.6340). Support is at 0.6300, followed by 0.6275.”