NZD/USD outlook shifted to neutral – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group shifted their stance on the Kiwi Dollar to neutral from bearish, noting there is room for a test of the 0.72 handle in the near term.

Key Quotes

24-hour view: “Expectation for NZD to trade sideways was wrong as this pair rose to hit a high of 0.7146. Despite the pull-back from the high, the undertone is still firm and a move towards 0.7160 seems likely. On the downside, 0.7100 is a strong support but only a move back below 0.7080 would indicate that the current upward pressure has eased”.

Next 1-3 weeks: “Our recent bearish expectation was proven wrong quickly as NZD rose above the 0.7140 stop-loss (overnight high of 0.7146). While the outlook for this pair is deemed as neutral now, the current rebound has room to extend higher to 0.7200. At this stage, a sustained move above this level seems unlikely. On the downside, only a move back below 0.7065 would indicate that the current mild upward pressure has eased”.

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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