NZD/USD outlook shifted to bearish – UOB

The perspective for the Kiwi dollar has now shifted to the bearish side from neutral, suggested the research team at UOB Group.

Key Quotes

“The ease of which the strong support at 0.6800 is taken out is unexpected and suggests further NZD weakness is likely in the days ahead”.

“A move to 0.6670 would not be surprising but in view of the large drop from the 0.7055 high last week, it may not be prudent to get aggressively bearish at current level. Stop-loss is placed at 0.6860”.