NZD/USD still rangebound between 0.7170/0.7350 – UOB

NZD/USD is poised to extend the consolidative pattern between 0.7170 and 0.7350 in the near term, according to analysts at UOB Group.

Key Quotes

“Instead of extending lower as expected, NZD rebounded rapidly from a low of 0.7269. While upward momentum is not strong, the current recovery appears to have scope to move higher and test the major 0.7350 resistance”.

“NZD continues to trade choppily and there is no change to our neutral view. Further broad sideway consolidation still seems likely and only a clear break out of the expected 0.7170/0.7350 range would indicate the start of a directional move”.