Outlook mixed for NZD/USD – UOB

NZD/USD is still seen navigating within the 0.6975-0.7100 range for the next weeks, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “NZD traded between 0.6990 and 0.7032 yesterday before closing little changed at 0.7015 (-0.02%). The underlying tone has weakened somewhat and NZD could drift lower but any decline is not expected to break the major support at 0.6975 (0.6990 is already quite a strong support level). Resistance is at 0.7020 followed by 0.7035.”

Next 1-3 weeks: “We continue to hold the same view as from yesterday (27 Sep, spot at 0.7020). As highlighted, the outlook for NZD is mixed and it is likely to trade between 0.6975 and 0.7100 for a period of time.”