NZD/USD pullbacks limited around 0.72 – UOB
|FX Strategists at UOB Group expect the downside in the Kiwi Dollar to appear limited around the 0.72 handle vs. the greenback.
Key Quotes
“NZD exceeded the 0.7280 target to hit a high of 0.7298. The subsequent sharp drop from the top was unexpected and the immediate pressure has shifted quickly to the downside. That said, the rapid decline appears to be running ahead of itself and any further weakness is likely limited to 0.7200 (next support at 0.7185)”.
“The quick rise to a high of 0.7298 and the equally rapid decline was unexpected. That said, the neutral phase that started last Friday, 16 Jun is still intact even though NZD is more likely to trade in a 0.7150/0.7275 range instead of extending higher towards the recent higher at 0.7320 as expected previously”.
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.