NZD/USD within 0.6940/0.7060 range – UOB

NZD/USD is expected to extend its sideline theme between 0.6940 and 0.7060 in the next week, noted FX Strategists at UOB Group.

Key Quotes

“NZD eased off quickly after failing to move clearly above the 0.7050/55 resistance (high of 0.7054). The pull-back from the high appears to have scope to extend lower but a sustained move below 0.6995 is not expected”.

“NZD moved towards the top of the expected 0.6940/0.7060 consolidation range this morning with a high of 0.7054. Upward momentum has improved but only a clear break above 0.7060 would indicate that a move towards 0.7130 has started. At this stage the odds for such a move are not high and it is more likely that NZD is still trapped within a range”.