NZD/USD bullish above 0.6840 – UOB

In opinion of analysts at UOB Group, the outlook for the Kiwi dollar could turn to bullish on a surpass of 0.6840.

Key Quotes

“While the strong 0.6840 resistance is still capping the current NZD strength, upward momentum continues to improve and a break above this level could lead to further up-move to 0.6880”.

“NZD tried but failed to move below the major 0.6665 support and the current swing higher is approaching the key 0.6840 resistance. A clear break above this level would indicate that the 2-weeks neutral phase has shifted to bullish. This seems like a probable scenario unless there is a move back below 0.6700 in the next few days.