In the opinion of UOB Group currency strategists, the pair is expected to NZD / USD stay in the 0.6900-0.7010 range in the coming weeks.
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24-hour outlook: “While we expected the NZD to weaken yesterday, we are of the opinion that ‘a breakout of the major support at 0.6920 is unlikely.’ However, the NZD briefly fell to 0.6900 before adjusting again. Strong rebound appears to be in running ahead of itself and unlikely to spread much further. Overall, the NZD is more likely to trade between 0.6930 and 0.6975. “
Next 1-3 weeks: “We have expected the NZD to trade within a 0.6920 / 0.7030 range since last Friday. While the NZD fell below the bottom of our expected range at 0.6920 during New York hours on Wednesday (0.6900 low), the decline was short-lived as the NZD rallied strongly. Price actions suggest that the NZD is not ready to embark on a sustained directional move just yet. In other words, the NZD could continue to trade in ranges. , although probably within a lower of 0.6900 / 0.7010. “
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