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12 Aug 2016
NZD/USD still bullish, but gains appear limited – UOB
In opinion of the research team at UOB Group, NZD/USD’s outlook remains on the bullish side, although further upside seems limited in the near term.
Key Quotes
“The rapid reversal after making a high of 0.7351 yesterday certainly does not bode well for NZD (especially with the weak daily closing)”.
“A break of 0.7170 would indicate that NZD has staged another ‘fake-out’ and would shift bullish outlook to neutral again”.
“In order to maintain the current bullish momentum, NZD has to move above 0.7280 within these 1 to 2 days. At this stage, the odds for such a move are not high”.