NZD/USD risks a test of 0.6930 – UOB

The research team at UOB Group sees the possibility of the Kiwi dollar to test the 0.6930 area in the next 1-3 weeks.

Key Quotes

“The weakness in NZD is more resilient than expected and improving momentum suggests further downward pressure towards the next support at 0.6940/45”.

“The breach of 0.7030 yesterday has shifted the bullish outlook for NZD to neutral. The current pull-back appears to have scope to extend lower to 0.6915 but at this stage, a sustained move below this level is not expected. The downward pressure would be alleviated only if NZD can reclaim 0.7060 in the next few days”.