Strong momentum suggests further New Zealand Dollar (NZD) strength, even though it is unlikely to be able to reach the significant resistance at 0.6120, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.

Closest support is at 0.6005

24-HOUR VIEW: “Although we expected NZD to rise above 0.6035 yesterday, we indicated that ‘it might not be able to maintain a foothold above this level.’ We also indicated that ‘the major resistance at 0.6055 is unlikely to come into view.’ The anticipated NZD strength exceeded our expectations, as it broke above both 0.6035 and 0.6055, soaring to a high of 0.6082. NZD closed on a strong note at 0.6077 ( 0.98%). While overbought, strong momentum suggests further NZD strength, even though it is unlikely to be able to reach the significant resistance at 0.6120 (there is another resistance at 0.6100). To keep the momentum going, NZD must not break below 0.6025 (minor support is at 0.6055).”