NZD/USD seen gravitating within 0.7130-0.7300 – UOB

The outlook on the Kiwi Dollar remains neutral in the near term vs. the greenback, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “The target indicated at 0.7220 yesterday was not met as NZD rebounded strongly after touching a low of 0.7225 (recovery hit a high of 0.7295). The subsequent swing lower from the high has resulted in a mixed outlook. Further choppy trading is expected but NZD is unlikely to move significantly out of the 0.7225/0.7295 range registered yesterday”.

Next 1-3 weeks: “NZD staged another attempt to move above 0.7300 yesterday but reversed quickly from a high of 0.7295. The recent mild upward pressure has eased. While the current outlook for NZD is still deemed as neutral, it is more likely to trade sideways for now, likely within a broad 0.7170/0.7300 range”.