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The stance on the Kiwi Dollar remains neutral and the pair points to further consolidation in the near term, suggested FX Strategists at UOB Group.
Key Quotes
24-hour view: “NZD edged above the top of our expected 0.6595/0.6645 consolidation range (overnight high of 0.6649) before ending the day on a firm note (NY close of 0.6644). Despite the overnight gains, we do not detect a significant improvement in upward momentum. That said, a test of the strong 0.6665 resistance is not ruled out but a break of the next resistance at 0.6690 would come as a surprise. Support is at 0.6630 followed by 0.6605”.
Next 1-3 weeks: “We just turned neutral on NZD yesterday (20 Aug, spot at 0.6625) and there is no change to the view. As highlighted, we view the current movement as the early stages of consolidation phase. In other words, NZD is expected to trade sideways from here, likely within a 0.6560/0.6690 range”.