NZD/USD outlook shifted to neutral – UOB

FX Strategists at UOB Group have shifted their outlook on the pair to neutral from bearish in the near term.

Key Quotes

“NZD surged to a high of 0.6916 before easing off quickly. Despite the rapid pull-back from the high, a retest of 0.6915/20 seems likely from here even though a sustained move above this level is not expected. Support is at 0.6870 followed by the low near 0.6850”.

“The break of 0.6890 indicates that the recent bearish phase has ended. NZD is likely in a 0.6850/0.6950 consolidation range even though the immediate bias is for this pair to probe higher towards the top of the expected range”.