NZD/USD short-term low in place? – UOB

In opinion of FX Strategists at UOB Group, NZD/USD could have carved a near term low if manages to return above 0.7100.

Key Quotes

“NZD registered a bullish reversal bar yesterday and this clearly indicates that the risk of a short-term low has increased”.

“A move above 0.7100 would indicate that the bearish phase that started early last week has ended”.

“This appears to be a likely scenario unless NZD can move below the very strong 0.6980/85 support within these 1 to 2 days. Note that we have advocated taking partial profit at 0.7035 previously”.