Outlook for NZD/USD remains mixed – UOB

Pablo Piovano FXStreet

NZD/USD is likely to navigate within the 0.7125-0.7300 range in the next weeks, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “Yesterday, we highlighted that ‘further sustained NZD strength is unlikely’. We added, NZD ‘is more likely to trade sideways between 0.7205 and 0.7260’. However, NZD traded within a wider range than expected (0.7182/0.7249). The outlook remains mixed and NZD could trade sideways for today, likely within a 0.7190/0.7255 range.”

Next 1-3 weeks: “After rising to 0.7304 last Monday (10 May), NZD plunged to 0.7135 before rebounding strongly on Friday. The choppy price actions have resulted in a mixed outlook and NZD could trade between 0.7125 and 0.7300 for now.”

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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