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NZD/USD neutral near term, rangebound likely – UOB

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Posted at 2016-9-23 13:10:35 | All floors |Read mode
NZD/USD faces a potential extension of the consolidative theme between 0.7240 and 0.7380, according to analysts at UOB Group.
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NZD moved above the strong 0.7340 resistance (overnight high of 0.7358) but dropped sharply after the release of the weaker than expected GDT auction results. The down-move appears to have scope to extend lower but any weakness is not expected to move significantly below the strong 0.7280 support”.
“The breach of the stop-loss at 0.7340 indicates that the recent bearish phase has ended. The outlook for NZD from here is unclear and we prefer to hold a neutral view and expect this pair to trade listlessly between 0.7240 and 0.7380. Looking further ahead, the downside appears to be more vulnerable but a sustained weakness is likely only if there is a break below the very strong 0.7220/40 support zone”.
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