NZD/USD now moved into a consolidative phase – UOB

NZD/USD is now seen navigating within the 0.7125-0.7225 range in the near term, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “We expected NZD to trade between 0.7140 and 0.7190 yesterday. NZD subsequently traded between 0.7161 and 0.7200. Momentum indicators are mostly neutral and NZD is likely to trade sideways. Expected range for today, 0.7155/0.7200.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (01 Nov, spot at 0.7170). As highlighted, NZD has moved into a consolidation phase and is likely to trade between 0.7125 and 0.7225 for now.”