Ella 
Yesterday, we believed that NZD/USD had the potential to break through 0.6000, but was unlikely to threaten the main resistance level at 0.6025. The rapid buildup of momentum suggests that NZD/USD may break through the next resistance level at 0.6045. Given overbought conditions, NZD/USD may not be able to establish a foothold above this level. If NZD/USD breaks below 0.5985 (with minor support at 0.6005), upward pressure will ease.
Outlook for the next 1-3 weeks: Our latest view comes from last Friday (6th October, when the price was 0.5965), with the recent decline easing and the NZD likely to trade in a range between 0.5890 and 0.6025. Yesterday, NZD/USD rose above 0.6025 (highs were 0.6028). Upward momentum is improving, but NZD/USD must break and hold above 0.6045 for a move towards 0.6100 to be possible. Overall, only a break below “strong support” (currently at 0.5960) would signal that the risk of a clear move above 0.6045 for NZD/USD has diminished.
