NZD/USD sidelined between 0.7100/0.7260 – UOB

FX Strategists at UOB Group sees NZD/USD extending its consolidative theme between 0.7100 and 0.7260 for the next 1-3 weeks.

Key Quotes

“NZD traded mostly sideways yesterday before spiking briefly to hit 0.7199 during NY hours. While the undertone is generally positive, a sustained move above 0.7200 seems unlikely”.

“There is no not much to add; indicators are mostly neutral and the current movement is still viewed as part of a consolidation phase, likely between 0.7100 and 0.7260 (with a slight bias towards the downside)”.