NZD/USD: Diminished odds for further NZD strength - UOB

According to strategist from UOB Group, the bullish outlook remain intact for the NZD/USD pair, but they warn about a decline in the upside momentum. 

Key Quotes: 

“We highlighted yesterday that despite the robust recovery, upward momentum was lackluster and NZD has to punch above the recent peak at 0.7350 before the next leg higher can be expected.”

“NZD hit a high of 0.7338 but eased off quickly. The rapid pull-back reinforces our current view that the odds for further NZD strength are not high. That said, the bullish outlook is deemed as intact until the stop-loss at 0.7240 is taken out (adjusted from 0.7220).”