NZD/USD keeps the neutral stance near term – UOB

In view of FX Strategist at UOB Group, the Kiwi Dollar is seen extending its sideline pattern in the next 1-3 weeks.

Key Quotes

“NZD retreated without challenging the major 0.7265 resistance (high of 0.7238). While a temporary top is likely in place at 0.7238, the current price action lacks momentum and is viewed as part of a broader 0.7160/0.7220 consolidation range. However, the immediate bias is for a probe lower towards the bottom of the expected range”.

“NZD eased off quickly without testing the major 0.7290 resistance (high of 0.7238 last Friday). The short-term upward pressure has eased and this pair has likely moved back into a consolidation phase, likely between 0.7130 and 0.7260”.