NZD/USD: Further rangebound seems likely – UOB
|NZD/USD is now expected to trade within the 0.6950-0.7030 band in the short-term horizon, suggested FX Strategists at UOB Group.
Key Quotes
24-hour view: “We highlighted yesterday that ‘the rapid bounce appears to be running ahead of itself and NZD is unlikely to strengthen much further’ and we expected NZD to ‘trade between 0.6965 and 0.7010’. NZD subsequently traded within a wider range than expected as it dipped to 0.6950 before rebounding (high has been 0.7013 during early Asian hours). The underlying tone has improved somewhat and NZD could edge higher but a sustained rise above 0.7015 is unlikely. Support is at 0.6970 followed by 0.6950.”
Next 1-3 weeks: “There is not much to add to our update from yesterday (12 Jul, spot at 0.6990). As highlighted, the recent downward pressure has eased and NZD could trade sideways between 0.6950 and 0.7030 for a period of time.”
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