NZD/USD faces further rangebound – UOB

NZD/USD now faces some consolidation between 0.7125 and 0.7240 in the next weeks, noted UOB Group’s FX Strategists.

Key Quotes

24-hour view: “Our expectation that the weakness in NZD could test the 0.7150 level again before stabilizing did not quite materialize as NZD rebounded from 0.7156. Momentum indicators are mostly neutral and NZD is expected to trade sideways within a 0.7170/0.7220 range for today.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (03 May, spot at 0.7180). As highlighted, the recent positive phase has ended and NZD is likely to trade between 0.7125 and 0.7240 for now.”