NZD/USD is seen navigating the 0.6945-0.7075 range for the time being, suggested FX Strategists at UOB Group.
Key Quotes
24-hour view: “We expected NZD to ‘trade between 0.6980 and 0.7045 yesterday’. However, it rose to 0.7061, dropped briefly to 0.6992 before rebounding. While the price actions have resulted in a mixed outlook, the underlying tone has weakened and this could lead to NZD edging lower to 0.6970. Any weakness in NZD is not expected to threaten the major support at 0.6945. Resistance is at 0.7025 followed by 0.7050.”
Next 1-3 weeks: “There is not much to add to our update from yesterday (07 Jul, spot at 0.7015). As highlighted, the outlook is mixed and NZD could trade between 0.6945 and 0.7075 for a period of time.”
