NZD/USD: 0.6900 unlikely to come under serious threat, for now - UOB

According to analysts from UOB, see that there still is downward pressure on the NZD/USD pair, but they consider that there are low odds of a break below 0.6900. 

Key Quotes: 

“NZD spiked to a high of 0.6997 before reversing rapidly and sharply to hit a low of 0.6931. The ease of which the strong 0.6950 support was not taken out suggests further downward pressure but the major 0.6900 level is unlikely to come under serious threat for now.”

“Resistance is at 0.6965 and the high near 0.6995/00 is not expected to come into the picture for today.”

“Against our expectation, NZD continues to move lower and closed clearly below the key 0.6950 support. Downward momentum has improved considerably and the current weakness is expected to extend further to 0.6900, with lower odds for extension to 0.6863 (low in December last year). On the upside, 0.6995 is likely strong enough to cap any short-term rebound.”