NZD/USD could likely move to a consolidative phase – UOB

NZD/USD is expected to trade within the 0.6740-0.6900 range in the next weeks, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “We expected NZD to ‘trade sideways within a range of 0.6790/0.6845’ yesterday. NZD subsequently traded between 0.6797 and 0.6852. Upward momentum is neutral and NZD is likely to trade sideways for today, expected to be between 0.6795 and 0.6850.”

Next 1-3 weeks: “There is no change in our view from yesterday (09 Mar, spot at 0.6815). As highlighted, the recent NZD strength has come to an end and NZD is likely to consolidate and trade between 0.6750 and 0.6990 for now.”