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- NZD/USD: A drop to 0.6870 is not ruled out - UOB
NZD/USD: A drop to 0.6870 is not ruled out - UOB
FXStreet reports that FX Strategists at UOB Group suggest that NZD/USD could still slip back to the 0.6870-region in the next weeks.
24-hour view: “We expected NZD to ‘consolidate and trade between 0.6895 and 0.6950’ yesterday. NZD subsequently dipped to 0.6894 before rebounding strongly to 0.6977. The rebound appears to be overdone and NZD is unlikely to strengthen further. For today, NZD is more likely to trade between 0.6920 and 0.6980.”
Next 1-3 weeks: “We did not anticipate the sharp bounce that came close to our ‘strong resistance’ level at 0.6985 (high of 0.6977). The sharp rebound has resulted in a rapid loss in momentum but as long as 0.6985 is not breached, there is still a slim chance for NZD to move lower to 0.6870. In order to revive the flagging momentum, NZD has to move and stay below 0.6920 within these 1 to 2 days or a break of 0.6985 would not be surprising.”
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