NZD/USD clings to the 0.6920-0.7050 range so far – UOB

In lightweight of the recent worth action in NZD/USD, FX Strategists at UOB cluster expect any consolidation between zero.6920 and 0.7050.

Key Quotes
24-hour view: “While we tend to expected NZD to strengthen yesterday, we tend to were of the read that ‘it is unlikely to challenge the key resistance at zero.7030’. However, NZD surged to a high of zero.7043. The speedy advance seems to be overdone and NZD is unlikely to strengthen any. For today, NZD is probably going to require a breather and trade between zero.7000 and 0.7050.”

Next 1-3 weeks: “There isn’t a lot of to feature to our update from yesterday (14 Jul, spot at 0.6990). As highlighted, the recent sharp however transient swings have resulted in an exceedingly mixed outlook and NZD may trade between zero.6920 and 0.7050 for currently. That said, once the speedy rise yesterday, a breach of zero.7050 wouldn’t be shocking however NZD should shut higher than zero.7080 before a sustained advance may be expected.”

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