NZD/USD further rangebound likely – UOB
|In view of FX Strategists at UOB Group, the Kiwi Dollar is poised for further consolidation in the next weeks, likely between 0.7490 and 0.7550.
Key Quotes
“While we expected NZD to ‘drift lower to 0.7400’, the explosive burst higher from a low of 0.7405 that took out several strong resistances along the way was clearly unexpected (overnight high of 0.7529). Further NZD strength would not be surprising in the days ahead but the current rally appears to be over-extended. This pair is more likely to consolidate its gain and trade sideways, likely between 0.7490 and 0.7550”.
“The bullish phase that started on Monday is working out well as the overnight high of 0.7529 came within one pip of our immediate target of 0.7530. Those who entered long at the suggested buy level of 0.7415 should look to exit half of their position at the current level of 0.7525. The next level to focus on is at 0.7580. Stop-loss is raised higher to 0.7460 from 0.7375”.
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 should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.