NZD/USD keeps the consolidation unchanged – UOB

NZD/USD is still expected to navigate between 0.6960 and 0.7105 in the short-term horizon, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “We expected NZD to ‘trade between 0.7055 and 0.7095’ yesterday. However, NZD dropped to 0.7033 before settling on a soft note at 0.7042 (-0.40%). Downward momentum is beginning to improve and NZD could edge lower to 0.7015. The next support at 0.6990 is unlikely to come into the picture. Resistance is at 0.7055 followed by 0.7080.”

Next 1-3 weeks: “There is not much to add to our latest narrative from last Thursday (24 Jun, spot at 0.7045). As highlighted, the current movement is viewed as part of a consolidation phase and NZD is likely to trade between 0.6960 and 0.7105 for now.”