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13 Mar 2014
Flash: NZD/USD surges in approach of 0.8585 - UOB Group
FXStreet (Barcelona) - Quek Ser Leang, Market Strategist at UOB Group notes that the strong NZD/USD surge higher this morning exceeded our immediate target at 0.8544 and is quickly approaching the next target at 0.8585.
Key Quotes
“0.8585 is a strong mid-term resistant (falling weekly trend-line) and a clear break above this level could lead to acceleration higher in the coming weeks.”
“The next resistant is at last year’s high of 0.8676. In other words, the outlook remains bullish with the key support moving higher to 0.8420 from 0.8380 previously.”
“In view of the strong upward momentum, the key support is expected to continue to move higher quickly in the next few days.”
Key Quotes
“0.8585 is a strong mid-term resistant (falling weekly trend-line) and a clear break above this level could lead to acceleration higher in the coming weeks.”
“The next resistant is at last year’s high of 0.8676. In other words, the outlook remains bullish with the key support moving higher to 0.8420 from 0.8380 previously.”
“In view of the strong upward momentum, the key support is expected to continue to move higher quickly in the next few days.”