NZD/USD: A break of 0.63 looks imminent – ANZ

Kiwi is reaching for the stars again amid a strong risk-on mood and a move above 0.63 is forthcoming, according to economists at ANZ Bank. UOB also says that the NZD/USD pair could face the next resistance in the 0.6300/50 band in the next weeks.

Key quotes

 “Having held key support at the old 0.6150/70 resistance level and batted in, a break of 0.63 now looks imminent.” 

“Longer-term, themes remain negative for the most part, but markets are ignoring them for now and that’s a situation that could easily extend into Q3. So for now it’s all about the unwind of trends into the downturn and optimism over re-opening of economies.”

“Support 0.6150/6170 Resistance 0.6390”