NZD/USD clings to the side-lined mood – UOB

NZD/USD is still seen navigating the 0.6620-0.6750 range in the next weeks, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “Our expectation for NZD to consolidate yesterday was incorrect as it soared to a high of 0.6757. The subsequent swift pull-back from the high has room to extend lower but any weakness is expected to encounter solid support at 0.6680 and the next support at 0.6660 is likely out of reach. Resistance is at 0.6730 followed by 0.6750.”

Next 1-3 weeks: “NZD rose to a high of 0.6738 yesterday, not far from the top of our expected 0.6600/0.6750 consolidation range that we first indicated last Thursday (10 Sep, spot 0.6675). Upward momentum has improved a tad but for now, the odds for a sustained rise above 0.6750 are not high. In other words, there is no change in view and we continue to expect NZD to trade sideways for now, expected to be within a 0.6620/0.6750 range (narrowed from 0.6600/0.6750).”

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.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD trades at fresh September lows

Risk-aversion is the main theme this Monday, amid resurgent coronavirus cases in the Old Continent and the announcement of  new lockdowns. ECB’s Lagarde said the economic recovery in the EU is “very uncertain, uneven and incomplete.”


GBP/USD extends slump sub-1.2800

The Pound plunged on a dismal market mood, as PM Johnson acknowledged the kingdom is undergoing a second coronavirus wave. GBP/USD trades at one-week lows around 1.2800.


XAU/USD bullish bias starting to fade

Gold prices are testing the bull's commitments at the support structure around $1,906 in what could be a final test before the next leg higher of the bullish trend.

Gold News

Bitcoin needs to defend critical support level at $10,600

Bitcoin was trading inside an ascending triangle pattern between September 3 and September 15, which is created when the price establishes higher lows and a horizontal trendline around the swing highs. 

Read more

WTI plummets to $39, down more than 4%

Crude oil prices closed the previous week sharply higher but erased a large portion of those gains on Monday. As of writing, the barrel of West Texas Intermediate was down 4.2%, the biggest daily percentage decline in nearly two weeks, at $39.15.

Oil News