NZD/USD neutral, likely between 0.6950 and 0.7090 – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group reiterated the Kiwi Dollar’s outlook remains neutral vs. the buck, with NZD/USD expected to navigate the 0.6950/0.7090 range in the near term.

Key Quotes

“NZD traded sideways as expected albeit at a much narrower range than anticipated (between 0.7024 and 0.7054). Downward momentum is showing sign of picking up and the intraday bias is tilted to the downside but any decline is expected to encounter solid support at 0.7000. The high near 0.7055 is a strong resistance ahead of 0.7070”.

“As highlighted yesterday, NZD has likely made a short-term top at 0.7090 earlier this week. The current price action is viewed as part of a consolidation phase that could last for several days. Overall, expect sideway trading from here, likely between 0.6950 and 0.7090”.

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Bullish	Neutral	Low
1H	Strongly Bearish	Oversold	Shrinking
4H	Bearish	Neutral	Expanding
1D	Bullish	Oversold	Low
1W	Bullish	Neutral	Expanding
Updated Mar 24, 12:00 GMT

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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