In view of FX Strategists at UOB Group, the Kiwi Dollar is seen within a rangebound scheme in the next weeks.
Key Quotes
24-hour view: “NZD just dropped sharply at the time of writing and the sudden decline has room to extend lower. That said, a move below 0.6620 is not expected for now (0.6660 is already a relatively strong support). Resistance is at 0.6710 followed 0.6730. The latter level is expected to act as very strong resistance from here”.
Next 1-3 weeks: “NZD just dropped sharply at the time of writing and has put paid to our recent expectation for a test of 0.6760. There is no change to the neutral outlook but NZD has likely moved back onto a consolidation phase and is expected to trade sideways from here, likely within a broad 0.6620/0.6730 range”.
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