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NZD/USD could move into a consolidation theme near-term – UOB

In opinion of FX Strategists at UOB Group, NZD/USD is in all likelihood to try some consolidation ahead of a viable check of 0.7340.

Key Quotes
24-hour view: “While we predicted NZD to cross greater yesterday, we have been of the view that ‘overbought prerequisites suggests that 0.7300 ought to be out of reach’. However, NZD rose to 0.7314 earlier than settling at 0.7295 (+0.61%). Conditions continue to be overbought in addition and sustained NZD electricity is unlikely. NZD is extra probable to consolidate at these greater levels, predicted to be inside a 0.7245/0.7320 range.”

Next 1-3 weeks: “We highlighted the day prior to this that ‘upward momentum has expanded drastically and NZD is anticipated to improve further’. That said, we did now not pretty count on the swift manner through which NZD moved above 0.7300 (high of 0.7314). While the tremendous section stays intact, overbought shorter-term stipulations ought to lead to a couple of days of consolidation first. As lengthy as 0.7200 is now not taken out (‘strong support’ degree was once at 0.7170 yesterday), NZD is probable to go to 0.7340 later on. The subsequent resistance is at 0.7380.”

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