26 May 2015
NZD/USD: below 0.7270 will lead to a quick move towards 0.7190 – UOB
FXStreet (Barcelona) - Analysts at UOB Group, expect NZD/USD to weaken in the coming weeks, but face a strong support at 0.7270.
Key Quotes
“While we continue to expect a lower NZD in the coming weeks, the current downward momentum is not strong and this pair is expected to struggle to move below the strong support at 0.7270. However, the next significant support below this level is another 80 pips away at 0.7190 and a break of 0.7270 could lead to a sharp sell-off.”
“Only an unlikely break above 0.7400 would indicate that our bearish view is wrong.”
Key Quotes
“While we continue to expect a lower NZD in the coming weeks, the current downward momentum is not strong and this pair is expected to struggle to move below the strong support at 0.7270. However, the next significant support below this level is another 80 pips away at 0.7190 and a break of 0.7270 could lead to a sharp sell-off.”
“Only an unlikely break above 0.7400 would indicate that our bearish view is wrong.”