NZD/USD faces next support at 0.7180 – UOB

Strategists at UOB Group noted NZD/USD should face the next relevant support in the 0.7180 area.

Key Quotes

“The recent bullish phase has ended as NZD broke below the key 0.7295 support yesterday. The high of 0.7403 seen on Tuesday (8/11/16) is a temporary top”.

“The current movement is viewed as a corrective pull-back which could extend lower to test the strong 0.7230 support (next support at 0.7180)”.

“At this stage, a sustained move below this level is not expected. On the upside, resistance is at 0.7360 and only a clear break above 0.7400/05 would indicate the start of a fresh bullish phase”.