NZD/USD is probably going to navigate within the 0.7125-0.7300 home in subsequent weeks, suggested FX Strategists at UOB Group.
24-hour view: “Yesterday, we highlighted that ‘further sustained NZD strength is unlikely’. We added, NZD ‘is more likely to trade sideways between 0.7205 and 0.7260’. However, NZD traded within a wider range than expected (0.7182/0.7249). The outlook remains mixed and NZD could trade sideways for today, likely within a 0.7190/0.7255 range.”
Next 1-3 weeks: “After rising to 0.7304 last Monday (10 May), NZD plunged to 0.7135 before rebounding strongly on Friday. The choppy price actions have resulted during a mixed outlook and NZD could trade between 0.7125 and 0.7300 for now.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and will not in any way encounter as a recommendation to shop for or sell in these assets. you ought to do your own thorough research before making any investment decisions. FXStreet doesn’t in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also doesn’t guarantee that this information is of a timely nature. Investing in Open Markets involves an excellent deal of risk, including the loss of all or some of your investment, also as emotional distress. All risks, losses and costs related to investing, including total loss of principal, are your responsibility. The views and opinions expressed during this article are those of the authors and don’t necessarily reflect the official policy or position of FXStreet nor its advertisers.