NZD/USD has now likely moved into a consolidative phase between 0.7100 and 0.7250, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “Yesterday, we highlighted that ‘despite the relatively strong advance, upward momentum has not improved by much and NZD is unlikely to move above Friday’s top at 0.7225’. We added, ‘NZD is more likely to consolidate and trade between 0.7140 and 0.7210’. While our view was not wrong, NZD traded within a narrower range than expected (0.7151/0.7201). Downward momentum is beginning to improve but while NZD is likely to weaken, it is unlikely to threaten last week’s low near 0.7105 (0.7120 is already quite a strong support). On the upside, resistance is at 0.7175 but only a break of 0.7195 would indicate the current downside risk has dissipated.” Next 1-3 weeks: “We highlighted last Friday (28 Jan, spot at 0.7140) that ‘risk for NZD has shifted to the downside’. We added, ‘break of solid support at 0.7100 would open up the way for a move to 0.7060’. However, NZD not only did not break 0.7100, it rebounded last Friday and took out the ‘strong resistance’ at 0.7220 (high of 0.7225). Downward pressure has eased and from here, NZD could trade between 0.7100 and 0.7250 for a period of time.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Forex Today: Markets encouraged by stimulus hopes, silver retreats, cryptos edging higher FX Street 1 year NZD/USD has now likely moved into a consolidative phase between 0.7100 and 0.7250, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “Yesterday, we highlighted that ‘despite the relatively strong advance, upward momentum has not improved by much and NZD is unlikely to move above Friday’s top at 0.7225’. We added, ‘NZD is more likely to consolidate and trade between 0.7140 and 0.7210’. While our view was not wrong, NZD traded within a narrower range than expected (0.7151/0.7201). Downward momentum is beginning to improve but while NZD is likely to weaken, it is unlikely to threaten last week’s low… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.