NZD/USD neutral near term – UOB

FX Strategists at UOB Group stick to the neutral bias on the pair, expecting to stay rangebound between 0.7240 and 0.7370 in the near term.

Key Quotes

24-hour view: “NZD rebounded quickly without testing the strong 0.7260 support (low of 0.7278). However, the recovery lacks momentum and the risk for further upside appears to be limited. From here, allow for a bounce to 0.7335 but 0.7370 is expected to cap for a slow drift lower to 0.7275”.

Next 1-3 weeks: “There is not much to add as NZD traded mostly sideways last Friday. The outlook for this pair is still viewed as neutral and we continue to anticipate further range trading, likely between 0.7240 and 0.7370”.