The bias for the New Zealand Dollar (NZD) is tilted to the upside; it remains to be seen if any advance can break the strong resistance level at 0.5930, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.

The 0.5930 resistance is next to watch

24-HOUR VIEW: “After NZD dropped to 0.5859 two days ago and then rebounded, we indicated yesterday that ‘despite the decline, downward momentum has not increased much, and NZD is unlikely to weaken much further.’ We expected NZD to trade sideways between 0.5860 and 0.5900. NZD subsequently traded in a higher range of 0.5869/0.5905, closing on a firm note at 0.5903 ( 0.47%). NZD is facing mild upward pressure, and the bias for today is tilted to the upside. However, it remains to be seen if any advance can break the strong resistance level at 0.5930 (there is another resistance at 0.5915). To keep the mild momentum going, NZD must not break below 0.5875 with minor support at 0.5885.”