In view of strategists at UOB Group, NZD/USD is seen extending its consolidative theme for the next 1-3 weeks.

Key Quotes

“As noted yesterday, any extension higher in NZD is expected to struggle near the major 0.7045/50 resistance. NZD touched a high of 0.7048 before dropping sharply to hit an overnight low of 0.6959. Despite the sharp decline, the current movement is viewed as part of a broader consolidation phase and further sustained down-move is not expected”.

“While upward momentum has improved, it is too early to expect a sustained up-move as 0.7055 is a very strong resistance and this level is unlikely to yield so easily. Overall, we prefer to hold a neutral stance for now even though the short-term bias is tilted to the upside (as long as 0.6950 is intact)”.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 0.6968

29% Bullish
57% Bearish
14% Sideways

Bias Bearish

1 Month

Avg Forecast 0.6927

27% Bullish
55% Bearish
18% Sideways

Bias Bearish

1 Quarter

Avg Forecast 0.6799

7% Bullish
60% Bearish
33% Sideways

Bias Bearish

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