NZD/USD neutral near term, seen sidelined so far – UOB

Pablo Piovano FXStreet

The outlook on the pair remains neutral in the short-term horizon, while further consolidation is also likely, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “NZD did not test the 0.6430 support (as expected yesterday) but rebounded strongly and closed on a strong note (NY close of 0.6527, +1.21%). Upward momentum has picked up quickly and strongly and the current up-move is expected to advance further. That said, the major 0.6560 resistance could be just out of reach for now. Support is at 0.6505 followed by 0.6485”.

Next 1-3 weeks: “Despite the strong surge in NZD yesterday (NY close of 0.6527, +1.20%), we continue to view the current movement as part of a consolidation phase. In other words, NZD is expected to trade sideways within the 0.6430/0.6560 range indicated on Wednesday (10 Oct, spot at 0.6480). That said, after the sharp bounce yesterday, the prospect for a break above 0.6560 has increased but the next resistance at 0.6600 is likely strong enough to thwart any further advance in NZD (at least for another one week or so)”.

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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