NZD/USD seen within 0.6600-0.6750 – UOB

NZD/USD is likely to trade between 0.6600 and 0.6750 in the next weeks, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “Our expectation for ‘further sideway trading’ was wrong as NZD rose to a high of 0.6718 before closing on a firm note at 0.6702 (+0.54%). Upward momentum has improved and the risk from here is for further advance in NZD. That said, the major resistance at 0.6750 is not expected to come into the picture (0.6725 is already quite a strong level).Support is at 0.6670 followed by 0.6650.”

Next 1-3 weeks: “Our latest narrative was from last Thursday (10 Sep, spot 0.6675) wherein NZD could ‘trade between 0.6600 and 0.6750 for now’. NZD traded in a quiet manner for the past couple of days and there is not much to add. In other words, we continue to expect NZD to trade sideways for now, likely between 0.6600 and 0.6750.”