In view of FX Strategists at UOB Group, a move to the 0.6465 level in NZD/USD seems to have lost momentum as of late.
Key Quotes
24-hour view: “Our expectation for NZD to “advance further” was incorrect as it traded sideways within a 0.6405/0.6436 range. Further sideway trading is expected for today even though the slightly weakened underlying tone suggests NZD is likely to trade at a lower range of 0.6395/0.6430″.
Next 1-3 weeks: “Despite the strong gain of +0.51% yesterday (0.6431), the outlook for NZD has not changed much. We continue to hold the same view from last Friday (15 Nov, spot 0.6380) wherein NZD is “expected to trade sideways between 0.6350 and 0.6465 for a while more”. In other words, the risk for a sustained raise above 0.6465 is not high”.
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