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- NZD/USD: A move to 0.6970 remains in the pipeline – UOB
NZD/USD: A move to 0.6970 remains in the pipeline – UOB
FXStreet reports that FX Strategists at UOB Group noted that the upside momentum in NZD/USD could extend to the 0.6970 zone in the next weeks.
Next 1-3 weeks: “We have held a positive view in NZD for more than a week now. In our latest update from last Friday, we highlighted that ‘upward momentum has been dented and a break of 0.6800 would indicate the rally in NZD has run its course’. NZD subsequently dipped to a low of 0.6811 before staging a strong advance. The up-move has gained considerable momentum and from here, NZD is likely to advance further to 0.6940, possibly as high as 0.6970. On the downside, a break of 0.6830 (‘strong support’ level previously at 0.6800) would indicate the current NZD strength has run its course.”
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