NZD/USD seen between 0.6620-0.6780 in the near-term – UOB

In opinion of FX Strategists at UOB Group, NZD/USD is likely to trade within the 0.6620-0.6780 range in the next weeks.

Key Quotes

24-hour view: “Yesterday, we highlighted that NZD ‘is likely to consolidate and trade between 0.6690 and 0.6740’. Our view for consolidation was not wrong even though NZD traded within a narrower range than expected (between 0.6691 and 0.6721). The price actions offer no fresh clues and NZD could continue to consolidate. That said, the slightly weakened underlying tone suggests a lower trading range of 0.6675/0.6715.”

Next 1-3 weeks: “There is not much to add to our latest narrative from last Friday (04 Sep, spot at 0.6705). As highlighted, the outlook for NZD is neutral and it could trade between the two major levels of 0.6620 and 0.6780. Unless there is a rapid improvement in either upward or downward momentum, NZD could trade within this range for a period of time.”