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The outlook on the Kiwi Dollar looks negative and could drag USD/NZD ti the area of 0.6350 in the next weeks, argued FX Strategists at UOB Group.

Key Quotes

24-hour view: “The quiet price action last Friday offers no fresh clues and NZD is likely to continue to trade sideways for now. Expected range for today, 0.6415/0.6445″.

Next 1-3 weeks: “The lackluster price action in NZD over the last few days has resulted in a loss in momentum. That said, we continue to see chance for NZD to weaken further to the Jan 2016 low of 0.6348. However, in view of the waning momentum, the next support at 0.6235 is likely out of reach this time round. On the upside, only a move above 0.6500 would indicate that the current downward pressure has eased”.