NZD/USD: No changes to the consolidative theme – UOB

Pablo Piovano FXStreet

NZD/USD still seen navigating within the 0.7040-0.7160 range in the next weeks, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “Yesterday, we held the view that ‘there is room for NZD to weaken but a sustained decline below 0.7085 is unlikely’. Our expectations did not materialize as NZD traded in a quiet manner between 0.7098 and 0.7121. The current movement is viewed as part of a consolidation and for today, NZD is expected to trade sideways, likely within a 0.7100/0.7140 range.”

Next 1-3 weeks: “There is not much to add to our current view where NZD is likely to consolidate and trade between 0.7040 and 0.7160. Looking ahead, the downside risk appears to be a tad higher but only a clear break of 0.7040 would indicate the start of a deeper pullback in NZD.”

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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