NZD/USD expected to trade in range between 0.7120 and 0.7270 - UOB

The research team at UOB Group, changed the view of NZD/USD bias from bullish to neutral and expect the pair to trade between 0.7120/0.7270 during the next 1-3 weeks.

Key Quotes:

“NZD rebounded strongly after registering a low of 0.7165 yesterday.”

“Support is at 0.7185 and the 0.7165 low is not expected to come under threat for now.”

“The breach of the 0.7170 stop-loss (low of 0.7165 yesterday) was not surprising. The recent bullish expectation was wrong and from here, NZD is deemed to have enter a sideway consolidation phase even though the bias is for a probe lower first. Overall, we expect NZD to trade in a broad range from here, likely between 0.7120 and 0.7270.”