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3 Mar 2015
NZD/USD scope for 0.7610/15 – UOB
FXStreet (Barcelona) - Analysts at UOB Group, view that another leg higher in NZD/USD towards 0.7610/15 is possible as long as the pair holds above 0.7500.
Key Quotes
“….overbought conditions and waning momentum are warning of an imminent short-term top.”
“However, the current trailing-stop for our bullish view at 0.7500 is still intact (albeit barely with a low of 0.7501 earlier this morning) and as long as this level is not taken out, we cannot rule out another leg higher to take out the recent high near 0.7610/15.”
“A break below 0.7500 would suggest NZD has entered a neutral consolidation phase.”
Key Quotes
“….overbought conditions and waning momentum are warning of an imminent short-term top.”
“However, the current trailing-stop for our bullish view at 0.7500 is still intact (albeit barely with a low of 0.7501 earlier this morning) and as long as this level is not taken out, we cannot rule out another leg higher to take out the recent high near 0.7610/15.”
“A break below 0.7500 would suggest NZD has entered a neutral consolidation phase.”