NZD/USD bearish below 0.6940 – UOB

FX Strategists at UOB Group signaled the pair’s outlook should shift to bearish from neutral on a daily close below 0.6940.

Key Quotes

“After trading mostly sideways for several days, the sudden plunge lower yesterday was unexpected. A daily close below the bottom of the previously expected 0.6940/0.7060 consolidation range would indicate the start of a sustained down-move towards last month’s low near 0.6890”.

“This appears to be a likely scenario unless NZD can move back above 0.6990 within these 1 to 2 days”.