The Kiwi dollar was seen advancing to 0.6690 vs. the greenback in the coming weeks, according to the opinion of the FX strategists of the UOB group.
24 hour vision: “We expected a NZD yesterday, but the ease with which he eliminated the strong resistance at 0.6600 was a surprise. The NZD closed on a strong note at 0.6625 and extended its gains after the opening this morning. Momentum remains strong and the NZD could advance further towards 0.6665. That said, the rapid rise is already overbought and the next resistance at 0.6690 might just be out of reach for now. On the downside, support is 0.6600 followed by 0.6570. The 0.6544 low seen earlier yesterday should not be taken into account. “
Next 1-3 Weeks: “After trading relatively calmly for several days, the NZD rose to a high of 0.6625 before extending gains this morning. The sudden surge in momentum could lead to a new NZD strength around 0.6690. At this time, the likelihood of sustained progression above this level is not high. Note that last month’s high near 0.6715 is another strong resistance. Overall, the NZD should trade on a firm note as long as it does not drop below the “strong support” level of 0.6545 in those few days. “