In opinion of FX Strategists at UOB Group, the outlook for NZD/USD remains mixed for the time being.
24-hour view: “Our expectation for NZD to ‘retest 0.7010’ did not materialize as it traded between 0.7014 and 0.7049. The underlying tone still appears to be soft and we continue see chance for NZD to test 0.7010. A break of this level is not ruled out but the next support at 0.6985 is unlikely to come into the picture. Resistance is at 0.7040 followed by 0.7055.”
Next 1-3 weeks: “There is not much to add to our latest narrative from last Thursday (08 Apr, spot at 0.7010). As highlighted, the outlook is mixed and NZD is expected to trade between 0.6945 and 0.7070 for now.”