According to the research team at UOB Group, the Kiwi dollar keeps its bullish bias above the 0.6900 handle.
“Having breached the 0.690-mark on Wednesday, this week alone has seen NZD gaining around 3.6% against the USD. The pair has nonetheless eased off from the 0.6965-highs attained yesterday after business confidence took another hit this month in New Zealand despite firms expecting higher activity in the period ahead”.
“As mentioned yesterday, a break above 0.6900 would indicate that NZD has entered a bullish phase. From here, the immediate target is at 0.7000. Stop-loss is at 0.6800 but 0.6860 is already a strong short-term support”.
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