The New Zealand Dollar (NZD) is advancing towards the 0.6055 resistance, UOB Group FX strategists Quek Ser Leang and Peter Chia note.

A test of 0.6055 is possible near term

24-HOUR VIEW: “NZD traded between 0.5991 and 0.6033 yesterday, higher than our expected sideways trading range of 0.5980/0.6020. NZD closed little changed at 0.6018 ( 0.05%). Upward momentum has increased, albeit not much. Today, NZD could rise above 0.6035, but it might not be able to maintain a foothold above this level. The major resistance at 0.6055 is unlikely to come into view. Support is at 0.6010, followed by 0.5995.”