NZD/USD poised for extra rangebound – UOB
|The Kiwi Dollar is seen sidelined vs. the buck in the next weeks, according to FX Strategists at UOB Group.
Key Quotes
24-hour view: “While the ‘target’ indicated at 0.7260 yesterday was exceeded, the subsequent sharp and rapid pullback from a high of 0.7263 was not exactly expected. NZD has likely made a short-term top and the current price action is viewed as part of a consolidation phase. In other words, we expect NZD to trade sideways from here, likely within a 0.7180/0.7240 range”.
Next 1-3 weeks: “NZD edged above the key 0.7260 resistance (high of 0.7263) and as mentioned yesterday, a breach of this level would indicate that the 0.7154 low seen earlier this week is a short-term bottom. In other words, the recent mild downward pressure has eased. However, the more than one-month long neutral phase is still intact but NZD is more likely to trade sideways for now, likely between 0.7160 and 0.7300”.
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.