NZD/USD seen revisiting the 0.7050 region – UOB

The upside pressure could push NZD/USD to the mid-0.7000s in the sort-term horizon, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “NZD traded between 0.6953 and 0.6993 yesterday, narrower than our expected range of 0.6950/0.7000. Further range trading would not be surprising even though the slightly firmed underlying tone suggests a higher range of 0.6970/0.7010.”

Next 1-3 weeks: “We continue to hold the same view as last Friday (30 Jul, spot at 0.7005). As highlighted, NZD is expected to trade with an upward bias towards 0.7050. On the downside, a break of 0.6950 (no change in ‘strong support’ level) would indicate that NZD is not ready to head to 0.7050.”