NZD/USD upside to 0.7090 losses momentum – UOB
|FX Strategists at UOB Group noted the likeliness of a test of the 0.7090 area have diminished as of late.
Key Quotes
“NZD edged below the strong 0.7000 support before rebounding strongly this morning after the release of stronger than expected inflation data. The up-move appears to be running ahead of itself even though a retest of the 0.7050/55 high seen early yesterday would not be surprising (next resistance is at 0.7070)”.
“Despite the strong bounce after the release of the stronger than expected inflation data this morning, we still do not attach a high probability for NZD to extend its recent strength towards 0.7090. That said, only a move below 0.6980 would indicate that a short-term top is in place. In the meanwhile, this pair could grind higher towards 0.7070 within the next couple of days”.
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.