FX Strategists at UOB Group, NZD/USD could have charted a short-term top and is now seen entering into a consolidative phase.
“We expected NZD to ‘drift lower’ yesterday but we were of the view that ‘the strong support at 0.7010 may not be easy to crack’. However, NZD briefly dropped below 0.7010 (low of 0.7006) before rebounding to close little changed at 0.7042 (+0.01%). The outlook is mixed and NZD could trade between 0.7010 and 0.7065 for today.”
Where NZDUSD goes NZDCHF will likely follow. Looking for significant signs of resistance and strong breaks through support.
“We expected NZD to ‘drift lower’ yesterday but we were of the view that ‘the strong support at 0.7010 may not be easy to crack’. However, NZD briefly dropped below 0.7010 (low of 0.7006) before rebounding to close little changed at 0.7042 (+0.01%). The outlook is mixed and NZD could trade between 0.7010 and 0.7065 for today.”
Where NZDUSD goes NZDCHF will likely follow. Looking for significant signs of resistance and strong breaks through support.
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