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In opinion of FX Strategists at UOB Group, NZD/USD is posed for a moderate rebound in the short-term horizon.

Key Quotes

24-hour view: “In line with expectation, NZD traded sideways even though the registered range of 0.6284/0.6321 was narrower than our expected range of 0.6285/0.6330. The quiet price action offers no fresh clues and NZD could continue to trade sideways for today, likely between 0.6280 and 0.6315″.

Next 1-3 weeks: “Despite the relatively rapid retreat yesterday, the underlying tone in NZD still appears to be positive. We continue to see chance for a strong and sustained recovery above 0.6350.