According to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, NZD/USD could retest 0.6355 ahead of 0.6400 in the near term.

Key Quotes

24-hour view: “The strong surge in NZD to a high of 0.6312 is accompanied by strong upward momentum. The risk remains on the upside toward 0.6355. The major resistance at 0.6400 is unlikely to come into view today. On the downside, 0.6250 (minor support is at 0.6280) is likely strong enough to hold any pullback.”

Next 1-3 weeks: “The manner in which NZD blasted higher suggests it is likely to continue to advance. The levels to monitor are at 0.6355 and 0.6400. Support-wise, a breach of 0.6220 would indicate the current upward pressure has eased.”