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NZD/USD faces solid support in the 0.6700 region – UOB

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Further decline in NZD/USD is forecast to meet challenging guide in the 0.6700 region in the temporary horizon, recommended FX Strategists at UOB Group.

Key Quotes
24-hour view: “Yesterday, we held the view that ‘the bias is tilted to the upside’. Our expectations did no longer materialize as NZD traded sideways between 0.6737 and 0.6782. Further sideway-trading would now not be surprising, possibly between 0.6735 and 0.6785.”

Next 1-3 weeks: “Last Friday (07 Jan, spot at 0.6745), we highlighted that downward momentum is opening to enhance however any weak spot in NZD is anticipated to face stable aid at 0.6700. Since then, NZD has no longer been in a position to make any headway on the downside. There is no trade in our view for now and solely a breach of 0.6805 (no exchange in ‘strong resistance’ level) would point out that the build-up in momentum has fizzled out.”


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